Century Aluminum to offer eight-year notes to fund nearly $250 m - WBOY - Clarksburg, Morgantown: News, Sports, Weather

Century Aluminum to offer eight-year notes to fund nearly $250 million in notes

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Century Aluminum is looking ahead with its debt.

The company announced May 20 plans to offer $250 million in senior, secured eight-year notes to fund $249.6 million in outstanding principal of 8 percent senior, secured notes that are due in 2014.

According to a news release, Century expects to fund the tender offer with the proceeds of a debt financing. The company is soliciting consents to wipe out most of the covenants, certain events of default applicable to the notes and other provisions in the indenture that governs the notes.

The offering is private, so the 2021 notes will be offered and sold only to qualified institutional buyers and certain non-U.S. people, in accordance with two separate Securities Act regulations, according to the news release. The 2021 notes have not been and will not be registered under the Securities Act, and they may not be offered or sold in the U.S. without registration or appropriate exemption from registration requirements, according to the news release.

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