Century Aluminum Company Announces Pricing of Private Offering of $400 million of Senior Secured Notes
Century Aluminum (NASDAQ: CENX) has priced a private offering of $400 million senior secured notes due August 2032. The notes will be issued at 100% of principal value with a 6.875% annual interest rate, paid semi-annually starting February 1, 2026.
The secured notes will be guaranteed by Century's domestic restricted subsidiaries and secured by liens on substantially all assets of the company and guarantors. The proceeds will be used to refinance the company's 7.50% Senior Secured Notes due 2028, repay credit facility borrowings, and cover transaction expenses.
The offering, expected to close on July 22, 2025, is limited to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act.
Century Aluminum (NASDAQ: CENX) ha emesso un'offerta privata di obbligazioni senior garantite per 400 milioni di dollari con scadenza ad agosto 2032. Le obbligazioni saranno emesse al 100% del valore nominale con un tasso d'interesse annuo del 6,875%, pagato semestralmente a partire dal 1掳 febbraio 2026.
Le obbligazioni garantite saranno assicurate dalle controllate nazionali vincolate di Century e garantite da privilegi su quasi tutti gli asset della societ脿 e dei garanti. I proventi saranno utilizzati per rifinanziare le obbligazioni senior garantite al 7,50% con scadenza 2028, rimborsare i prestiti della linea di credito e coprire le spese della transazione.
L'offerta, che si prevede si concluder脿 il 22 luglio 2025, 猫 riservata a investitori istituzionali qualificati ai sensi della Regola 144A e a soggetti non statunitensi secondo il Regolamento S del Securities Act.
Century Aluminum (NASDAQ: CENX) ha fijado el precio de una oferta privada de notas senior garantizadas por 400 millones de d贸lares con vencimiento en agosto de 2032. Las notas se emitir谩n al 100% del valor principal con una tasa de inter茅s anual del 6,875%, pagadera semestralmente a partir del 1 de febrero de 2026.
Las notas garantizadas estar谩n avaladas por las subsidiarias nacionales restringidas de Century y aseguradas mediante grav谩menes sobre casi todos los activos de la empresa y los garantes. Los ingresos se utilizar谩n para refinanciar las Notas Senior Garantizadas al 7,50% con vencimiento en 2028, pagar los pr茅stamos de la l铆nea de cr茅dito y cubrir los gastos de la transacci贸n.
Se espera que la oferta, que cerrar谩 el 22 de julio de 2025, est茅 limitada a compradores institucionales calificados bajo la Regla 144A y personas no estadounidenses bajo el Reglamento S de la Ley de Valores.
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Century Aluminum (NASDAQ : CENX) a fix茅 le prix d'une 茅mission priv茅e de obligations senior garanties de 400 millions de dollars arrivant 脿 茅ch茅ance en ao没t 2032. Les obligations seront 茅mises 脿 100 % de leur valeur nominale avec un taux d'int茅r锚t annuel de 6,875 %, payable semestriellement 脿 partir du 1er f茅vrier 2026.
Les obligations garanties seront cautionn茅es par les filiales nationales restreintes de Century et garanties par des privil猫ges sur la quasi-totalit茅 des actifs de la soci茅t茅 et des cautions. Les fonds seront utilis茅s pour refinancer les obligations senior garanties 脿 7,50 % arrivant 脿 茅ch茅ance en 2028, rembourser les emprunts de la facilit茅 de cr茅dit et couvrir les frais li茅s 脿 la transaction.
L'茅mission, qui devrait se cl么turer le 22 juillet 2025, est limit茅e aux acheteurs institutionnels qualifi茅s selon la r猫gle 144A et aux personnes non am茅ricaines selon le r猫glement S du Securities Act.
Century Aluminum (NASDAQ: CENX) hat eine Privatplatzierung von vorrangigen besicherten Anleihen im Wert von 400 Millionen US-Dollar mit F盲lligkeit im August 2032 bepreist. Die Anleihen werden zum Nennwert von 100 % ausgegeben und haben einen j盲hrlichen Zinssatz von 6,875%, der halbj盲hrlich ab dem 1. Februar 2026 gezahlt wird.
Die besicherten Anleihen werden von den inl盲ndischen beschr盲nkten Tochtergesellschaften von Century garantiert und durch Sicherungsrechte an nahezu allen Verm枚genswerten des Unternehmens und der B眉rgen besichert. Die Erl枚se werden zur Refinanzierung der 7,50% Senior Secured Notes mit F盲lligkeit 2028, zur R眉ckzahlung von Kreditfazilit盲ten und zur Deckung von Transaktionskosten verwendet.
Das Angebot, das voraussichtlich am 22. Juli 2025 abgeschlossen wird, ist auf qualifizierte institutionelle K盲ufer nach Regel 144A und Nicht-US-Personen gem盲脽 Regulation S des Securities Act beschr盲nkt.
- Lower interest rate of 6.875% compared to existing 7.50% notes, reducing interest expenses
- Extended debt maturity to 2032 from 2028, improving debt structure
- Successful refinancing indicates continued market access and investor confidence
- Significant debt level maintained with $400 million new notes issuance
- Company remains exposed to substantial interest payment obligations
Insights
Century Aluminum refinances debt with $400M in new notes at lower 6.875% rate, improving its debt profile and reducing interest expenses.
Century Aluminum has successfully priced a $400 million private offering of senior secured notes due 2032, carrying a
The
The new notes will be secured by substantially all assets of Century and its domestic subsidiaries (with certain exceptions), providing strong collateral coverage for investors. The semi-annual interest payments begin February 2026, and the notes were priced at par (100% of face value), indicating market acceptance of the credit at the offered interest rate.
This refinancing reflects Century's proactive liability management approach in the current interest rate environment. By refinancing at a lower rate and extending maturities, Century improves its debt service profile while maintaining its operational liquidity. The transaction is expected to close on July 22, 2025, subject to customary closing conditions.
CHICAGO, July 16, 2025 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) (鈥淐entury鈥�) announced today that it had priced its previously announced private offering (the 鈥淪ecured Notes Offering鈥�) of
The Secured Notes will be issued at a price equal to
The net proceeds from the Secured Notes Offering will be used to refinance Century鈥檚
The Secured Notes have been offered and will be sold to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 (the 鈥淪ecurities Act鈥�) and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The Secured Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Secured Notes nor shall there be any sale of Secured Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
This press release contains information about pending or anticipated transactions, and there can be no assurance that these transactions will be completed.
About Century Aluminum Company
Century Aluminum is an integrated producer of bauxite, alumina, and primary aluminum products. Century is the largest producer of primary aluminum in the United States, and also operates production facilities in Iceland, the Netherlands and Jamaica.
Cautionary Statement Regarding Forward-Looking Information
This press release contains 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the 鈥渟afe harbor鈥� created by Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements about future events and are based on Century鈥檚 current expectations and include, without limitation, statements with respect to Century鈥檚 intention to complete the offering of the Secured Notes and refinance the 2028 Notes. These forward-looking statements may be identified by the words 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渉ope,鈥� 鈥渢arget,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渟eek,鈥� 鈥渆stimate,鈥� 鈥減otential,鈥� 鈥減roject,鈥� 鈥渟cheduled,鈥� 鈥渇orecast鈥� or words of similar meaning, or future or conditional verbs such as 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渕ight,鈥� or 鈥渕ay.鈥� Forward-looking statements are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Consequently, the forward-looking statements contained herein should not be regarded as representations that the projected outcomes can or will be achieved, and we do not undertake, and specifically disclaim, any obligation to revise any forward-looking statements to reflect the occurrence of future events or circumstances.
INVESTOR CONTACT
Ryan Crawford
312-696-3132
MEDIA CONTACT
Tawn Earnest
614-698-6351
Source: Century Aluminum Company
FAQ
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