Kaiser Aluminum to get $200 million secured revolving credit facility

By Sara Rosenberg

New York, March 22 - Kaiser Aluminum Corp. plans to get a new $200 million four-year secured revolving credit facility, according to a news release.

The revolver is expected to provide for borrowings based upon advances against eligible accounts receivable and eligible inventory.

Proceeds will be used to replace an existing $265 million revolver.

Closing on the new revolver is expected to occur simultaneously with the pricing of a proposed $130 million convertible senior notes offering that will be used to pay the costs of convertible note hedge transactions, to repurchase up to $50 million of the company's common stock and for general corporate purposes.

Kaiser Aluminum is a Foothill Ranch, Calif.-based producer of semi-fabricated specialty aluminum products.

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