Century Aluminum's Successful Private Note Offering of $400 Million
Century Aluminum Company Announces Successful Debt Offering
Century Aluminum Company (NASDAQ: CENX) has successfully completed a private offering of 6.875% senior secured notes due in 2032. This offering has brought in $400 million in gross proceeds that the company intends to utilize for various financial strategies and operations.
Details of the Private Offering
The offering, which closed successfully, has an approximate net proceeds amount of $395 million. These funds are earmarked for refinancing the company’s existing 7.50% Senior Secured Notes due in 2028, repaying borrowings on Century's credit facilities, and covering fees related to the offering.
Terms of the Secured Notes
The newly issued senior secured notes were sold at par, which means they were issued at 100% of their principal amount. Investors can expect to receive semi-annual interest payments starting February 1, 2026, with a competitive rate of 6.875% per annum. The notes reach maturity on August 1, 2032, unless they are redeemed or repurchased beforehand.
Compliance with Securities Regulations
These secured notes were offered and sold exclusively to qualified institutional buyers in compliance with Rule 144A under the Securities Act. It’s noteworthy that the notes have not been registered under the Securities Act or any state securities laws, meaning they cannot be offered or sold within the United States unless registered or exempted.
About Century Aluminum Company
Century Aluminum stands as the largest producer of primary aluminum in the United States. The company is also involved in the production of bauxite and alumina, sustaining operations across multiple locations including internationally in countries like Iceland and Jamaica.
Investor Relations
For investors who are interested in understanding more about Century Aluminum or have specific inquiries, they can reach out to Ryan Crawford at 312-696-3132 for further information.
Media Relations
For media inquiries, Tawn Earnest is available at 614-698-6351 to assist with any questions or requests for information about the company's operations and latest offerings.
Frequently Asked Questions
What is the purpose of the $400 million raised by Century Aluminum?
The funds will be used primarily to refinance existing debt, specifically the company’s 7.50% Senior Secured Notes due in 2028, and to repay outstanding borrowings under its credit facilities.
When will the interest payments for the new notes begin?
Interest payments on the new notes will commence on February 1, 2026, and will be paid semi-annually.
What is the maturity date for the new senior secured notes?
The notes will mature on August 1, 2032, unless they are redeemed or repurchased prior to that date.
Who are the buyers of the secured notes?
The secured notes are offered solely to qualified institutional buyers as defined by Rule 144A of the Securities Act.
How does Century Aluminum rank in the aluminum production industry?
Century Aluminum is recognized as the largest producer of primary aluminum in the United States, indicating its leading position in the market.
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