Aleris to pay interest in kind for 9%/9¾% notes

By Jennifer Chiou

New York, Nov. 12 - Aleris International, Inc. will pay all interest under its 9%/9¾% senior notes due 2014 in kind for the interest period beginning on Dec. 15 and ending on June 14, 2009, according to an 8-K filing with the Securities and Exchange Commission.

The company chose the in-kind payment option on Nov. 12 as a means to increase liquidity and due to economic uncertainty.

The interest payment is due on June 15, 2009, and Aleris said that this option will save $27 million in cash in the first half of 2009.

Aleris is a Beachwood, Ohio, producer of aluminum rolled products and extrusions.

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