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Noranda Aluminum upsizes incremental term loan to $110 million
By Sara Rosenberg
New York, Feb. 25 - Noranda Aluminum Acquisition Corp. increased its incremental secured term loan (Ba3/B) to $110 million from $60 million and set pricing at Libor plus 450 basis points with a 1.25% Libor floor and an original issue discount of 991/2, according to a market source.
Previously, the loan was talked at Libor plus 375 bps to 400 bps with a 1.25% Libor floor, and the company's existing term loan was going to be repriced to match. However, the existing loan now remains at its current rate of Libor plus 450 bps with a 1.25% floor.
BofA Merrill Lynch is the lead bank on the deal.
Proceeds from the loan and $225 million of notes will be used to redeem senior floating-rate notes due 2015 and for general corporate purposes.
Noranda is a Franklin, Tenn.-based producer of value-added primary aluminum products and rolled aluminum coils.
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