Century Aluminum tenders for 11¾% notes

New York, July 29 - Century Aluminum Co. said it has begun a cash tender offer for any and all of its 11¾% senior secured first mortgage notes due 2008 and a solicitation of consents to amend the indenture to eliminate substantially all the restrictive covenants and certain default provisions.

The price for each $1,000.00 principal amount of notes will be fixed on Aug. 12 based on the present value of the notes as of the payment date, assuming they are redeemed on their first call date of April 15, 2005 at a price of $1,058.75, discounted at a rate of 50 basis points over the yield on the 1.625% U.S. Treasury note due April 30, 2005, minus a consent payment of $20.00 per $1,000 principal amount.

The consent payment will be paid to holders who tender by 5 p.m. ET on Aug. 6.

The tender expires at 10 a.m. ET on Aug. 26.

Century Aluminum will also pay accrued interest up to but excluding the settlement date.

The Monterey, Calif. aluminum company said the tender offer is part of a refinancing of its notes.

The tender is conditional on the receipt of consents from holders of a majority of the notes and other general conditions.

Holders who tender must consent and vice versa.

Credit Suisse First Boston LLC is the dealer manager and solicitation agent (contact the Liability Management Group at 800 820-1653 or call collect 212 538-0652). Morrow & Co., Inc. is the information agent (800 607-0088, 800 662-5200 or call collect 212 754-8000).

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