Kaiser Aluminum driving by with $500 million 10-year senior notes; initial talk high 4% area

By Paul A. Harris

Portland, Ore., May 11 – Kaiser Aluminum Corp. plans to price a $500 million offering of 10-year senior notes (existing ratings B1/BB/BB) in a Tuesday drive-by trailing a conference call with investors, according to market sources.

Initial guidance is in the high 4% area, a trader said.

Barclays is the lead bookrunner. J.P. Morgan Securities LLC, Wells Fargo Securities LLC and BofA Securities Inc. are the joint bookrunners. Goldman Sachs & Co. LLC and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A and Regulation S for life notes come with five years of call protection.

The Lake Forest, Calif.-based aluminum producer plans to use the proceeds to refinance its 6½% senior notes due 2025.

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