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Alcoa offers US$500M of 6.125% senior notes due 2028

Alcoa Corp. unit Alcoa Nederland Holding BV priced an offering of US$500.0 million aggregate principal amount of 6.125% senior notes due 2028.

The company plans to use the funds for general corporate purposes, including contributions to Alcoa's U.S. pension and other post-retirement benefit plans.

The notes will be guaranteed on a senior unsecured basis by Alcoa, according to the May 14 statement. The sale is expected to complete May 17.

Apple Inc. recently facilitated a new joint venture launched between Rio Tinto and Alcoa called Elysis for the large-scale development and commercialization of a process to make aluminum whose only byproduct is oxygen and which will eliminate all direct greenhouse gas emissions from the traditional smelting process.

Alcoa's net profit in the first quarter fell to US$150 million from US$225 million reported a year ago.