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Century Aluminum gets tenders, consents for 92.18% of 8% notes so far
By Toni Weeks
San Luis Obispo, Calif., June 4 - Century Aluminum Co. said it received tenders and consents for 92.18% of its $249,603,550 outstanding principal amount of 8% senior secured notes due 2014 by 5 p.m. ET on June 3, the consent deadline for the company's cash tender offer and consent solicitation.
The total purchase price for notes tendered by the consent deadline is $1,003.75, including a $30.00 consent payment, for each $1,000 principal amount of notes. Those who tender their notes after the consent date will receive only the tender offer payment of $973.75 for each $1,000 principal amount of notes.
The tender offer will run until 11:59 p.m. ET on June 17.
Holders will also receive accrued interest up to but excluding the settlement date, which will be June 4 for early tendered notes.
Tendered notes may not be withdrawn nor consents revoked after the early deadline.
According to a previous press release, Century was soliciting consents to eliminate most of the covenants and events of default, and the tender offer is conditioned on the receipt of consents from holders of at least a majority of the outstanding notes, execution of a supplemental indenture effecting the amendments and completion of financing. The company priced $250 million of 7½% notes on May 23 and replaced its existing revolving credit facility with a $125 million senior secured revolver on May 28, as reported by Prospect News.
Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 549-6650 or collect 212 269-5550) is the tender agent and information agent.
The Chicago-based producer of primary aluminum products said it expects to fund the tender offer with the proceeds of a debt financing.
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