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Constellium’s Wise units tender for $650 million 8¾% notes due 2018
By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Constellium NV said subsidiary Wise Metals Group LLC began a cash tender offer for its and Wise Alloys Finance Corp.’s $650 million of 8¾% senior notes due 2018.
The issuers will pay a total consideration of $1,045.60 for each $1,000 of notes tendered by the early deadline of 5 p.m. ET on Feb. 14.
The total includes and $10 early tender payment, which will not be paid to noteholders who tender after the early deadline but before the tender offer’s expiry at 11:59 p.m. ET on March 1.
Early settlement is expect on Feb. 16 and final settlement on March 2.
Tendered notes may be withdrawn until 5 p.m. ET on Feb. 14.
The offer is conditioned on Constellium having completed an offering of at least $625 million in new senior notes.
The issuers called notes not tendered under the offer for redemption on March 3 at 104.375 plus accrued interest, with the redemption also subject to a finance condition.
Deutsche Bank Securities Inc. (212 250-7527 or 855 287-1922) and Credit Suisse Securities (USA) LLC (212 325-6340 or 800 820-1653) are the dealer managers.
D.F. King & Co., Inc. (877 871-1741, 212 269-5550 or cstm@dfking.com) is the information agent and tender agent.
Constellium is a Netherlands-based developer of aluminum products.
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