<SEC-DOCUMENT>0001104659-20-049786.txt : 20200422
<SEC-HEADER>0001104659-20-049786.hdr.sgml : 20200422
<ACCEPTANCE-DATETIME>20200422172327
ACCESSION NUMBER:		0001104659-20-049786
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200422
DATE AS OF CHANGE:		20200422

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Howmet Aerospace Inc.
		CENTRAL INDEX KEY:			0000004281
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				250317820
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-237705
		FILM NUMBER:		20808607

	BUSINESS ADDRESS:	
		STREET 1:		201 ISABELLA STREET
		STREET 2:		SUITE 200
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212-5872
		BUSINESS PHONE:		(412) 553-1940

	MAIL ADDRESS:	
		STREET 1:		201 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212-5872

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Arconic Inc.
		DATE OF NAME CHANGE:	20161101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALCOA INC.
		DATE OF NAME CHANGE:	20141003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALCOA INC
		DATE OF NAME CHANGE:	19990105

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Howmet Aerospace Inc.
		CENTRAL INDEX KEY:			0000004281
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				250317820
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		201 ISABELLA STREET
		STREET 2:		SUITE 200
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212-5872
		BUSINESS PHONE:		(412) 553-1940

	MAIL ADDRESS:	
		STREET 1:		201 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212-5872

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Arconic Inc.
		DATE OF NAME CHANGE:	20161101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALCOA INC.
		DATE OF NAME CHANGE:	20141003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALCOA INC
		DATE OF NAME CHANGE:	19990105
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2016667-1_fwp.htm
<DESCRIPTION>PRICING TERM SHEET
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Filed Pursuant to Rule 433<BR>
Registration Statement No. 333-237705</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Howmet Aerospace Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$1,200,000,000 6.875% Notes due 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated: April 22, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This term sheet to the preliminary prospectus supplement dated
April 22, 2020 should be read together with the preliminary prospectus supplement before making a decision in connection with an
investment in the securities. The information in this term sheet supersedes the information contained in the preliminary prospectus
supplement to the extent that it is inconsistent therewith. Terms used but not defined herein have the meaning ascribed to them
in the preliminary prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Change in Offering Size and Use of Proceeds </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are amending our previously announced tender offer in respect
of our outstanding 5.400% Notes due 2021 (the &ldquo;2021 Notes&rdquo;) in order to increase the maximum aggregate purchase price
in that offer from $500 million to $785 million. Additionally, we are launching a tender offer in respect of our outstanding 5.870%
Notes due 2022 (the &ldquo;2022 Notes&rdquo;) with an aggregate purchase price of up to $210 million. As a result, the proposed
use of proceeds for this offer has been updated to provide that the net proceeds will be used to fund the purchase price of 2021
Notes with an aggregate purchase price of up to $785 million and 2022 Notes with an aggregate purchase price of up to $210 million
and the remaining net proceeds will be used for general corporate purposes, which may include the repayment and/or repurchase of
certain of our outstanding indebtedness as may be determined by our management. Corresponding changes will be made where applicable
throughout the preliminary prospectus supplement. Our tender offer in respect of the 2021 Notes includes a solicitation of consents
to amend the related indenture, while our tender offer in respect of the 2022 Notes does not include any consent solicitation.
The offering is not conditioned upon the consummation of the tender offers. The tender offers are being made pursuant to the relevant
Offer to Purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 12pt"><B>Issuer:</B></TD>
    <TD STYLE="width: 50%; padding-bottom: 12pt">Howmet Aerospace Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Title of Securities:</B></TD>
    <TD STYLE="padding-bottom: 12pt">6.875% Notes due 2025 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Pricing Date/Closing Date:</B></TD>
    <TD STYLE="padding-bottom: 12pt">April 22, 2020 / April 24, 2020 (T+2)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Aggregate Principal Amount Offered: </B></TD>
    <TD STYLE="padding-bottom: 12pt">$1,200,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Maturity Date:</B></TD>
    <TD STYLE="padding-bottom: 12pt">May 1, 2025</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Coupon (Interest Rate):</B></TD>
    <TD STYLE="padding-bottom: 12pt">6.875%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Price to Public (Issue Price):</B></TD>
    <TD STYLE="padding-bottom: 12pt">100% of principal, plus accrued interest, if any, from April 24, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Benchmark Treasury:</B></TD>
    <TD STYLE="padding-bottom: 12pt">0.5% UST due March 31, 2025</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Spread to Benchmark Treasury:</B></TD>
    <TD STYLE="padding-bottom: 12pt">+651 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Yield to Maturity:</B></TD>
    <TD>6.875%</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; width: 50%"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="padding-bottom: 12pt; width: 50%">Semi-annually in arrears on May 1 and November 1 of each year, commencing November 1, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Interest Record Dates: </B></TD>
    <TD STYLE="padding-bottom: 12pt">April 15 and October 15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Debt Ratings*:</B></TD>
    <TD STYLE="padding-bottom: 12pt">BBB-/Stable Outlook (Fitch), BBB-/Negative Outlook (S&amp;P) and Ba3/Negative Outlook (Moody&rsquo;s)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Optional Redemption:</B></TD>
    <TD STYLE="padding-bottom: 12pt">Make-whole at T + 50 bps at any time before April 1, 2025; par call at any time on or after April 1, 2025</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Change of Control Offer:</B></TD>
    <TD STYLE="padding-bottom: 12pt">If a change of control triggering event occurs with respect to the Notes, the issuer will be required, subject to certain conditions, to offer to repurchase such Notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Joint Bookrunners:</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; width: 50%"><B>Senior Managers:</B></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ABN AMRO Securities (USA) LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Banca IMI S.p.A</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fifth Third Securities, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SunTrust Robinson Humphrey, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Managers:</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens Capital Markets, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Huntington Securities, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ING Financial Markets LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scotia Capital (USA) Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Co-Managers:</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Academy Securities, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Banco Bradesco BBI S.A.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNY Mellon Capital Markets, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nomura Securities International, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Standard Chartered Bank</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Westpac Capital Markets LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>CUSIP/ISIN:</B></TD>
    <TD>443201 AA6 / US443201AA64</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We have filed a registration statement (including a preliminary
prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the
preliminary prospectus supplement included in that registration statement and other documents we have filed with the SEC for more
complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, we or the underwriters will arrange to send you the prospectus if you request it from J.P. Morgan Securities LLC
by calling collect at (212)-834-4533.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>*Note: A securities rating is not a recommendation to buy,
sell or hold securities and may be subject to revision or withdrawal at any time.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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