Century Aluminium Company, an integrated producer of bauxite, alumina and primary aluminium products and the largest primary aluminium producer in the United States, has announced the pricing of its previously disclosed private offering of USD 400 million aggregate principal amount of 6.875 per cent senior secured notes due August 2032. The company also operates production facilities in Iceland, the Netherlands and Jamaica.
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The notes will be issued at par (100.00 per cent of their aggregate principal amount) and will pay interest semi-annually in arrears on February 1 and August 1 each year, starting February 1, 2026, at a rate of 6.875 per cent per annum in cash. Unless earlier redeemed or repurchased, the notes will mature on August 1, 2032. The transaction is expected to close on July 22, 2025, subject to customary closing conditions.
The notes will be guaranteed by Century’s domestic restricted subsidiaries (with certain exceptions). Century’s obligations under these notes will be secured by liens on substantially all of its and its subsidiary guarantors’ assets, excluding collateral securing indebtedness under its credit agreement and certain other excluded property.
Net proceeds from the offering will be used to refinance Century’s 7.50 per cent senior secured notes due 2028, repay borrowings under existing credit facilities, and cover related fees and expenses.
The notes are being offered and sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to certain non-US persons under Regulation S. They have not been registered under US securities laws and may not be offered or sold in the United States without registration or an applicable exemption.
Century Aluminium emphasised that this announcement does not constitute an offer to sell or solicit an offer to buy the notes in any jurisdiction where such actions would be unlawful.
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