Kaiser Aluminum to price $325 million eight-year notes on Friday; investor call Thursday

By Paul A. Harris

Portland, Ore., April 28 – Kaiser Aluminum Corp. set a short Thursday-to-Friday timeline for its $325 million offering of eight-year senior notes, according to market sources.

An investor conference call and New York group lunch are scheduled to get underway at 12:30 p.m. ET on Thursday.

The Rule 144A and Regulation S deal is set to price on Friday although it could price on Thursday.

The size of the deal is unlikely to grow, and early guidance has it pricing with a yield in the 6¼% area, a trader said.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc. are the joint bookrunners.

The notes become callable after three years at par plus 75% of coupon.

The Foothill Ranch, Calif.-based aluminum products manufacturer plans to use the proceeds to redeem all of its outstanding 8¼% senior notes due 2020, and for general corporate purposes, which may include, among other things, capital spending, acquisitions and repurchases of its common stock.

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