Capral Aluminum to offer A$50 million convertibles in rights offering

By Jennifer Chiou

New York, Feb. 21 - Capral Aluminum Ltd. announced a non-renounceable rights offering of up to A$50 million of unsecured convertible notes due March 29, 2012, according to a letter to the Australian Stock Exchange.

The offer price is A$100.00 for each of the 500,000 convertible notes and shareholders are entitled to apply for a one note for every 389 shares held on March 1.

The notes will bear interest at 10% per year and will have a strike price of A$1.20.

Holders of Capral shares will also be able to apply for additional convertibles.

The offer opens on March 6 and ends on March 21.

GPG Nominees Pty. Ltd. is the underwriter.

The Bundamba, Australia, manufacturer of semi-fabricated aluminum products said that the offering is part of its longer-term refinancing after its late-2005 Crane acquisition.

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