Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Aleris Corp. > News item |
Aleris issues conditional call for 7 5/8% notes due 2018 at 101.906
By Susanna Moon
Chicago, March 22 – Aleris Corp.’s wholly owned subsidiary Aleris International, Inc. issued a conditional call for its outstanding 7 5/8% senior notes due 2018.
The notes will be redeemed at 101.906% of par plus accrued interest to the redemption date of April 20, or $1,032.83 for each $1,000 principal amount, according to a company notice to holders.
The call is conditioned on the issuer having closed a debt financing with enough proceeds, along with up to $12 million of cash on hand, to fund the tender offer for the notes, which began March 21.
At the issuer’s discretion, the redemption date may be delayed until the conditions are satisfied.
Aleris is tendering for its $434,933,000 of the outstanding notes at a total purchase price of $1,021.25 for each $1,000 principal amount of notes tendered by 5 p.m. ET on April 1, the early tender date.
The total payment includes an early tender premium of $30.00 per $1,000 principal amount.
Those who tender their notes after the early deadline will receive $991.25 per $1,000 of notes.
The company also will pay accrued interest to but excluding the settlement date, which will be April 4 for early tendered notes.
The tender offer will end at midnight ET on April 15.
Aleris is a Cleveland-based maker of aluminum rolled products.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.