By Paul A. Harris
Portland, Ore., April 29 – Kaiser Aluminum Corp. priced a $50 million add-on to its 6½% senior notes due May 1, 2025 (B1/BB+/BB) at 101 on Wednesday, according to market sources.
The price came at the rich end of the 100.5 to 101 price talk.
The yield to maturity is 6.264%.
Barclays was the bookrunner.
The Lake Forest, Calif.-based aluminum producer plans to use the proceeds for general corporate purposes, which may include, among other things, capital spending and acquisitions.
| Issuer: | Kaiser Aluminum Corp.
|
| Amount: | $50 million
|
| Maturity: | May 1, 2025
|
| Security description: | Add-on to 6½% senior notes due May 1, 2025
|
| Bookrunner: | Barclays
|
| Coupon: | 6½%
|
| Price: | 101
|
| Yield to maturity: | 6.264%
|
| Spread: | 592 bps
|
| First call: | May 1, 2022 at 103.25
|
| Trade date: | April 29
|
| Settlement date: | May 1 with accrued interest
|
| Ratings: | Moody's: B1
|
| S&P: BB+
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 100.5 to 101
|
| Marketing: | Drive-by
|
| Original issue: | $300 million priced on April 21, 2020
|
| Total issue size: | $350 million
|
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