Noranda talks $510 million eight-year toggle notes at six-month Libor plus 400-425 bps

By Paul A. Harris

St. Louis, May 8 - Noranda Aluminum Holding Corp. set talk for its $510 million offering of eight-year senior unsecured floating-rate toggle notes (B3/B-) at six-month Libor plus 400 to 425 basis points on Monday, according to a market source.

Books close at 5 p.m. ET on Wednesday.

Merrill Lynch & Co. is leading the deal.

Proceeds, together with an equity contribution from Apollo Management LP, will be used to help finance the purchase of Noranda by Apollo from Xstrata AG.

Noranda is a Franklin, Tenn.-based aluminum producer.

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