Novelis borrows $544 million under revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, March 27 – Novelis Inc. gave notice to its lenders on Monday to borrow $544 million under its revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The asset-based revolver is provided for by a credit agreement dated Oct. 6, 2014 with Wells Fargo Bank, NA. The credit agreement provides for up to $1.5 billion on revolving loans, subject to a borrowing base.

The revolver bears interest at Libor plus a spread of 125 basis points to 175 bps and matures on April 15, 2024.

Following Monday’s drawdown, the company has $554 million outstanding under the revolver, plus $20 million being used for letters of credit. The revolver has about $250 million of unused capacity.

Novelis is an Atlanta-based aluminum-rolled products and aluminum recycling company.

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