Aleris plans $1.1 billion two-part note offering via Deutsche Bank

By Paul A. Harris and Sara Rosenberg

St. Louis, Nov. 22 - Aleris International Inc. announced that it plans to sell $1.1 billion of bonds to help fund its leveraged buyout by Texas Pacific Group, according to information Aleris filed with the Securities and Exchange Commission Friday.

Deutsche Bank Securities will lead the deal, which will comprise a $600 million tranche of senior unsecured PIK toggle notes and $500 million of senior subordinated notes.

Proceeds will be used to help fund Texas Pacific Group's $1.7 billion acquisition of Aleris, which is expected to close in early 2007, and to refinance $1.543 billion of existing debt.

Aleris is a Beachwood, Ohio, manufacturer of aluminum rolled products and extrusions, an aluminum recycler and a producer of specification alloy.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.