Kaiser Aluminum talks $50 million tap of 6½% notes due 2025 at 100.5-101; pricing Wednesday

By Paul A. Harris

Portland, Ore., April 29 – Kaiser Aluminum Corp. is talking a $50 million add-on to its 6½% senior notes due May 1, 2025 (B1/BB+/BB) at 100.5 to 101, according to a market source.

The Rule 144A for life deal is coming as a Wednesday drive-by via bookrunner Barclays.

The notes have a make-whole call until May 1, 2022 and then become callable at 103.25. They feature a 40% equity clawback at 106.5 until May 1, 2022 and a 101% poison put.

The Lake Forest, Calif.-based aluminum producer plans to use the proceeds for general corporate purposes, which may include, among other things, capital spending and acquisitions.

The original $300 million issue price on April 21.

The add-on notes are set to become immediately fungible with original notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.