Century Aluminum begins tender for $249.6 million 8% notes due 2014

By Susanna Moon

Chicago, May 20 - Century Aluminum Co. said it began a cash tender offer for its $249,603,550 outstanding principal amount of 8% senior secured notes due 2014.

In conjunction with the tender offer, Century is soliciting consents to eliminate most of the covenants and events of default, according to a company press release.

The total purchase price will be $1,003.75, including a $30 consent payment, for each $1,000 principal amount of notes tendered by the consent deadline, 5 p.m. ET on June 3.

Those who tender their notes after the consent date will receive only the tender offer payment of $973.75 for each $1,000 principal amount of notes.

The tender offer will run until 11:59 p.m. ET on June 17.

Holders will also receive accrued interest up to but excluding the settlement date, which will be June 4 for early tendered notes.

Tendered notes may be withdrawn and consents revoked by the early deadline.

The tender offer is conditioned on the receipt of consents from holders of at least a majority of the outstanding notes, execution of a supplemental indenture effecting the amendments and completion of financing.

Credit Suisse Securities (USA) LLC (800 820-1653 and collect 212 538-2147) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 549-6650 or collect 212 269-5550) is the tender agent and information agent.

The Chicago-based producer of primary aluminum products said it expects to fund the tender offer with the proceeds of a debt financing.

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