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.
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Rhea-AI Summary
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.
Positive
- 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
Negative
- Significant debt level maintained with $400 million new notes issuance
- Company remains exposed to substantial interest payment obligations
Details
News Market Reaction – CENX
The recorded move for CENX in the trading session of this news was +2.87%.
Data tracked by StockTitan Argus. Session date unavailable.
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CHICAGO, July 16, 2025 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) (“Century”) announced today that it had priced its previously announced private offering (the “Secured Notes Offering”) 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’s
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 “Securities Act”) 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 “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the “safe harbor” 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’s current expectations and include, without limitation, statements with respect to Century’s intention to complete the offering of the Secured Notes and refinance the 2028 Notes. These forward-looking statements may be identified by the words “believe,” “expect,” “hope,” “target,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “potential,” “project,” “scheduled,” “forecast” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” or “may.” 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
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