Alcoa’s $2.5 Billion Preferred Stock and Debt Offerings

Cravath represented the underwriters, led by Morgan Stanley and Credit Suisse, in connection with the US$1.25 billion offering of depositary shares representing mandatory convertible preferred stock and the US$1.25 billion debt offering of Alcoa Inc., the global leader in lightweight metals technology, engineering and manufacturing. The proceeds from these offerings will be used to finance the acquisition of Firth Rixson. The transactions closed on September 22, 2014.

The Cravath team included partner Andrew J. Pitts, senior attorney G. Douglas Johnson and associates Rachael G. Coffey, Michael W. Young and Amber Lam on corporate matters and partner Michael L. Schler and associate Jay S. Gill on tax matters.