Alcoa (AA) has released an update.
On January 17, 2024, the Company modified its Revolving Credit Facility to enhance its flexibility for portfolio actions throughout the year. The changes included a lowered minimum interest coverage ratio from 4.00 to 1.00 to 3.00 to 1.00 and an increased maximum restructuring charges addback to Consolidated EBITDA for fiscal 2024. Additionally, the Company agreed to secure its obligations under the facility with a provision for release based on ratings beginning in 2025.
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