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Century extends exchange offer, consent solicitation for 7½% notes
By Devika Patel
Knoxville, Tenn., Nov. 12 - Century Aluminum Co. said it extended the consent deadline in the exchange offer and consent solicitation for its 7½% senior notes due 2014 to 11:59 p.m. ET on Nov. 18.
The previous deadline was on Nov. 10.
The expiration of the exchange offer and consent solicitation has been extended to 11:59 p.m. ET on Dec. 3 from Nov. 25.
As of 5 p.m. ET on Nov. 10, approximately $51 million principal amount of notes had been tendered.
As previously reported, those who tender their 7½% notes will receive $950 principal amount of newly issued 8% senior secured notes due May 15, 2014 for each $1,000 principal amount of notes exchanged.
According to a news release from Bracewell & Giuliani LLP, a large holder of the 7½% notes is forming a group to consider the exchange and solicitation. Those interested in participating should contact Bracewell's Evan Flaschen (860 256-8537).
The new notes will be callable beginning on May 15, 2011 at an initial redemption price of 104. The redemption price will decline to 102 and to par on May 15, 2012 and May 15, 2013, respectively.
In addition, before May 15, 2011, the company may redeem up to 35% of the exchange notes with proceeds from offerings of some of Century's capital stock at 108.
The company is offering a consent payment of $50 for each $1,000 principal amount of 7½% notes.
It is seeking consents from holders of a majority of the notes to amend the note indenture to eliminate most restrictive covenants and modify some events of default.
Century is a Monterey, Calif.-based producer of primary aluminum products.
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