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Century Aluminum Company Prices Concurrent Private Offerings of Senior Secured Notes and Convertible Senior Notes
CHICAGO, April 07, 2021 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) (“Century”) announced today that it had priced its private offering (the
About this update from Century Aluminum Company
[{"type":"text","content":"CHICAGO, April 07, 2021 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) (“Century”) announced today that it had priced its private offering (the “Secured Notes Offering”) of $250 million aggregate principal amount of 7.50% senior secured notes due April 2028 (the “Secured Notes”) and its private offering (the “Convertible Notes Offering”) of $75 million aggregate principal amount of 2.75% convertible senior notes due May 2028 (the “Convertible Notes”). The Secured Notes Offering is expected to close on April 14, 2021 and the Convertible Notes Offering is expected to close on April 9, 2021. The closing of each of the Secured Notes Offering and the Convertible Notes Offering is subject to customary closing conditions. All net proceeds from the Secured Notes Offering and a portion of the net proceeds from the Convertible Notes Offering will be used to repay all of Century’s $250 million outstanding principal amount of 12.0% Senior Secured Notes due 2025 (the “Existing Notes”) pursuant to Century’s previously announced cash tender offer for the Existing Notes (the “Tender Offer”) and the redemption of any Existing Notes not acquired in the Tender Offer. Century intends to use the remaining net proceeds from the Convertible Notes Offering, together with cash on hand, to repay borrowings under Century’s credit facilities, to pay for the cost of capped call transactions described below, and to pay fees and expenses relating to these transactions. The Secured Notes The Secured Notes will be issued at a price equal to 100.00% of their aggregate principal amount. The Secured Notes will pay interest semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021, at a rate of 7.50% per annum in cash. The Secured Notes will mature on April 1, 2028, unless earlier redeemed or repurchased. The Secured Notes will be guaranteed by Century’s domestic restricted subsidiaries (subject to certain exceptions) and Century’s obligations under the Secured Notes will be secured (subject to certain exceptions and permitted liens) by liens on substantially all of its and its subsidiary guarantors’ assets other than collateral securing Century’s indebtedness under its credit agreement and certain other excluded property. The Secured Notes have been offered and will be sold to qualified institutional buyers in relian...