Novelis closes offering of US$1.6 billion of senior notes due 2030
On January 16, 2020, Novelis Inc. ("Novelis") announced the completion of the previously announced offering of US$1.6 billion aggregate principal amount of 4.750% senior notes due 2030 by Novelis Corporation, an indirect wholly-owned subsidiary of Novelis. The notes are guaranteed, jointly and severally, on a senior unsecured basis, by Novelis, and by certain of Novelis' subsidiaries.
The net proceeds of the offering will be used to (i) refinance all of Novelis Corporation's 6.25% senior notes due 2024, (ii) pay a portion of the consideration for the expected acquisition of Aleris Corporation, pursuant to a merger agreement signed on July 26, 2018, as well as pay fees and expenses incurred in connection with the transaction, and (iii) use any remaining proceeds for general corporate purposes.
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Novelis is a global leader in innovative products and services and the world's largest recycler of aluminum, partnering with customers in the automotive, beverage can and specialties industries to deliver solutions that maximize the benefits of sustainable lightweight aluminum throughout North America, Europe, Asia and South America.