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Aleris whispers $400 million five-year senior secured notes at 11¼%
By Abigail W. Adams
Portland, Me., June 4 – Aleris International, Inc. launched a $400 million offering of five-year senior secured junior priority notes with initial guidance whispered for a yield in the 11¼% area, according to a market source.
The deal is being marketed via an investor conference call, which is scheduled for Tuesday.
Pricing is expected at the end of the week, according to a market source.
Deutsche Bank is left lead for the Rule 144A and Regulation S deal. Barclays, BofA Merrill Lynch and JP Morgan are also bookrunners.
The closing of the offering is contingent upon the company’s entry into a new first lien term loan facility and an amendment to its ABL facility, according to a company news release.
The notes will be guaranteed by Aleris and secured by a second-priority lien on the company’s assets and a third-priority lien on the company’s inventory, accounts receivable and deposit accounts, according to a company news release.
Aleris is a Cleveland, Ohio-based producer of aluminum rolled products.
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