<SEC-DOCUMENT>0001104659-21-107406.txt : 20210818
<SEC-HEADER>0001104659-21-107406.hdr.sgml : 20210818
<ACCEPTANCE-DATETIME>20210818172556
ACCESSION NUMBER:		0001104659-21-107406
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210818
DATE AS OF CHANGE:		20210818

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:		211187570

	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>tm2125185d5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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: right"><U>Filed Pursuant to Rule 433</U></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$700,000,000 3.000% Notes due 2029</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Dated: August 18, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">This term sheet to the preliminary prospectus supplement dated August
18, 2021 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>

<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-right: 10pt; width: 30%"><B>Issuer:</B></TD>
    <TD STYLE="width: 70%">Howmet Aerospace Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Title of Securities:</B></TD>
    <TD>3.000% Notes due 2029 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Pricing Date/Closing Date*:</B></TD>
    <TD>August 18, 2021 / September 1, 2021 (T+10)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Aggregate Principal Amount Offered: </B></TD>
    <TD>$700,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Maturity Date:</B></TD>
    <TD>January 15, 2029</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Coupon (Interest Rate):</B></TD>
    <TD>3.000%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Price to Public (Issue Price):</B></TD>
    <TD>100.000% of principal, plus accrued interest, if any, from September 1, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Benchmark Treasury:</B></TD>
    <TD>1.000% UST due July 31, 2028</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Spread to Benchmark Treasury:</B></TD>
    <TD>+195 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Yield to Maturity:</B></TD>
    <TD>3.000%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Interest Payment Dates:</B></TD>
    <TD>Semi-annually in arrears on January 15 and July 15 of each year, commencing January 15, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Interest Record Dates: </B></TD>
    <TD>January 1 and July 1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Debt Ratings**:</B></TD>
    <TD>Ba2 / BB+ / BBB-</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-right: 10pt; width: 30%"><B>Optional Redemption:</B></TD>
    <TD STYLE="width: 70%">Make-whole at T + 30 bps at any time before November 15, 2028; par call at any time on or after November 15, 2028</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Change of Control Offer:</B></TD>
    <TD>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 STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>Joint Bookrunners:</B></TD>
    <TD>
    <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>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC<BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">Morgan Stanley &amp; Co. LLC</FONT></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">Truist Securities, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt"><B>CUSIP/ISIN:</B></TD>
    <TD>443201 AB4 / US443201AB48</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; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B>We have filed a registration statement (including a preliminary
prospectus supplement and the accompanying prospectus) with the SEC for the offering to which this communication relates. Before you invest,
you should read the preliminary prospectus supplement and the accompanying prospectus 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 supplement
and accompanying prospectus if you request them by calling Citigroup Capital Markets Inc. toll-free at (800) 831-9146 or by email at prospectus@citi.com,
Goldman Sachs &amp; Co. LLC toll-free at (866) 471-2526, J.P. Morgan Securities LLC toll-free at (212) 834-4533, or Morgan Stanley &amp;
Co. LLC toll-free at (866) 718-1649.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B>* It is expected that delivery of the Notes will be made against
payment therefor on or about September 1, 2021, which will be the tenth business day following the date hereof (this settlement cycle
being referred to as &ldquo;T + 10&rdquo;). Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally
are required to settle in two business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish
to trade the Notes on any day prior to two business days before delivery will be required to specify alternative settlement arrangements
at the time of any such trade to prevent a failed settlement and should consult their own advisors.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B></B></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
