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Novelis begins tender offers, consent bids for 7¼% notes, 11½% notes
By Susanna Moon
Chicago, Nov. 29 - Novelis Inc. said it began cash tender offers for its $1,124,159,000 of 7¼% senior notes due 2015 and its $185 million of 11½% senior notes due 2015.
Novelis also began consent solicitations to amend the notes to eliminate or modify substantially all restrictive covenants and events of default.
For each $1,000 principal amount, Novelis will pay $1,030 for 7¼% notes and $1,235 for 11½% notes, including a $30 consent fee, tendered by 5 p.m. ET on Dec. 8, the consent date.
Holders who tender their notes after the consent deadline but by 11:59 p.m. ET on Dec. 28, the expiration time, will receive the total payment less the consent fee.
The company also will pay accrued interest.
The offers are subject to the completion of one or more senior note issues with at least $4 billion of proceeds and consents from a majority of noteholders.
Novelis also plans to secure new senior secured credit facilities to refinance the notes and its existing senior secured credit facilities.
Holders may not deliver consents without tendering the notes.
The company plans to redeem any notes that remain outstanding after completion of the tender offers.
Citigroup Global Markets Inc. (800 558-3745 or collect (212 723-6106), Merrill Lynch, Pierce, Fenner & Smith Inc., J.P. Morgan Securities LLC, RBS Securities, Inc. and UBS Securities LLC are the dealer managers and solicitation agents.
Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 387-1500 for noteholders) is the information agent and depositary.
Novelis is an Atlanta-based aluminum rolling and recycling company.
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