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Aleris gets early tenders for 62.8% of 7 5/8% notes, meets call terms
By Susanna Moon
Chicago, April 4 – Aleris Corp.’s wholly owned subsidiary, Aleris International, Inc., said investors had tendered $273,162,000 principal amount, or 62.8%, of its $434,933,000 7 5/8% senior notes due 2018 as of 5 p.m. ET on April 1, the early tender date.
Aleris also filled the conditional call requirements with the issue of $550 million principal amount of 9½% senior secured notes due 2021, according to a company press release.
The tender offer will continue until midnight ET on April 15. The offer began on March 21.
The total purchase price is $1,021.25 for each $1,000 principal amount of notes tendered by the early deadline.
The total payment includes an early tender premium of $30.00 per $1,000 principal amount.
Holders 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 and April 18 for all other tenders.
Tendered notes may no longer be withdrawn as of the early tender deadline.
Credit Suisse Securities (USA) LLC (212 538-2147 or 800 820-1653) is the dealer manager. D.F. King & Co., Inc. (866 406-2287 or 212 269-5550) is the tender agent and information agent.
As announced March 22 Aleris 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.
The call was conditioned on the issuer closing debt financing with enough proceeds, along with up to $12 million of cash on hand, to fund the tender offer for the notes.
Aleris is a Cleveland-based maker of aluminum rolled products.
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