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Aleris concludes tender offer for 10?% and 9% notes, buying $325.74 million
By Laura Lutz
Des Moines, Aug. 1 - Aleris International Inc. completed the tender offer and consent solicitation for its 10?% senior secured notes due 2010 and 9% senior notes due 2014, purchasing $325.74 million of the securities.
The company bought back $200.83 million, or 96.17%, of its outstanding 10?% notes and $124.91, or 99.93%, of its outstanding 9% notes.
The response was unchanged from the number tendered by the consent deadline.
As previously reported, Aleris received the necessary consents to eliminate or make less restrictive substantially all of the restrictive covenants and events of default and amend some related provisions of the notes by the July 14 consent deadline.
Holders who tendered their 10?% notes by the consent deadline will receive $1,100.78 per $1,000 principal amount, and holders who tendered their 9% notes by the consent deadline will receive $1,134.96 per $1,000 principal amount. Those amounts include the $20 consent payment.
The company deposited funds with JPMorgan Chase Bank, NA to defease the 10?% notes that remain outstanding, and it deposited funds with LaSalle Bank NA to defease the remaining 9% notes.
Aleris is a Beachwood, Ohio, aluminum company.
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