Aleris to start roadshow Tuesday for $500 million seven-year notes

By Paul A. Harris

Portland, Ore., Jan. 31 - Aleris International, Inc. will begin a roadshow on Tuesday for a $500 million offering of seven-year senior notes, according to an informed source.

The Rule 144A with registration rights deal is expected to price at the end of the Jan. 31 week.

Bank of America Merrill Lynch is the lead left bookrunner. Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and UBS Investment Bank are the joint bookrunners.

The notes come with three years of call protection. However 10% of the notes will be callable annually at 103 during the non-call period.

The notes also come with a 101% poison put.

Proceeds will be used to fund a distribution of about $300 million to the company' stockholders and for general corporate purposes, including financing for the construction of an aluminum rolling mill in China.

Aleris International is a Beachwood, Ohio-based producer of aluminum rolled products and extrusions, aluminum recycling and specification alloy.

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