Aleris to sell $200 million tack-on to 9½% notes due 2021 on Thursday

By Paul A. Harris

Portland, Ore., Feb. 9 – Aleris International, Inc. plans to price a $200 million tack-on to the 9½% senior secured notes due April 1, 2021 on Thursday, trailing a mid-morning conference call with investors, according to a syndicate source.

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

The notes become callable after April 1, 2018 at 104.75 and feature a 40% equity clawback at 109.5 until April 1, 2018 and a 101% poison put.

The Beachwood, Ohio-based producer of aluminum products plans to use the proceeds for general corporate purposes.

The original $550 million issue priced at par on March 22, 2016.

The tack-on notes will become immediately fungible with original notes.

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