Aleris starts roadshow for $450 million five-year secured notes; investor call Monday

By Paul A. Harris

Portland, Ore., March 21 – Aleris International, Inc. began a brief roadshow for a $450 million offering of five-year senior secured notes on Monday, according to a syndicate source.

An investor call was scheduled to get underway at noon ET on Monday.

The roadshow wraps up on Tuesday, and the Rule 144A and Regulation S for life offer is expected to price thereafter.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. and Citigroup Global Markets Inc. are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes become callable after two years at par plus 50% of coupon and feature a two-year 40% equity clawback and a 101% poison put.

The Beachwood, Ohio-based producer of aluminum products plans to use the proceeds to refinance its senior notes due 2018.

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