Century Aluminum swaps shares for $45 million in 1.75% convertibles

By Devika Patel

Knoxville, Tenn., Oct. 2 - Century Aluminum Co. agreed to issue approximately 4.3 million common shares in exchange for approximately $45 million of its 1.75% convertible senior notes due 2024, according to an 8-K filed Friday with the Securities and Exchange Commission.

Combined with previous announcements, the company has issued or agreed to issue a total of approximately 11.4 million shares for approximately $128 million of notes.

After these transactions are completed, the company will have approximately $47 million in notes outstanding.

The convertibles are putable on Aug. 1, 2011.

Century is a Monterey, Calif.-based producer of primary aluminum products.

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