Novelis ALR borrows $750 million tranche A-2 refinancing term loans

By Marisa Wong

Los Angeles, Sept. 29 – Novelis Inc. entered into a refinancing amendment on Sept. 25 to its credit agreement dated Jan. 10, 2017 with Novelis ALR Aluminum Holdings Corp. as co-borrower and Standard Chartered Bank as administrative agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

On Sept. 29, Novelis ALR borrowed $750 million of tranche A-2 refinancing term loans under the refinancing amendment in order to repay in full its remaining term loans due Jan. 21, 2025 that were borrowed in April 2020 and to pay a portion of accrued interest on those loans.

The terms of the tranche A-2 refinancing term loans will mature on Sept. 25, 2026, which is the third anniversary of the effective date of the refinancing amendment, subject to 0.25% quarterly amortization payments.

The tranche A-2 refinancing term loans will accrue interest at SOFR plus 165 basis points.

Novelis is an industrial aluminum company based in Atlanta.

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