[8-K] Century Aluminum Co Reports Material Event
Century Aluminum (CENX) completed a $400 million offering of 6.875% senior secured notes due 2032 on 22-Jul-2025. Interest begins 1-Feb-2026 and is paid semi-annually. The notes are guaranteed by domestic restricted subsidiaries and are secured by a second-lien on substantially all assets other than ABL collateral, ranking pari-passu with other senior debt and ahead of unsecured debt to the value of the collateral.
Proceeds will fund the redemption of the outstanding $250 million 7.50% notes due 2028 (call price 101.875% plus accrued interest, total ≈ $261.1 million on 5-Aug-2025) and repay outstanding amounts under the company’s revolver, with any remainder for fees and expenses.
The indenture limits additional debt, liens, dividends, asset sales and affiliate transactions. Early redemption: make-whole before 1-Aug-2028; thereafter 103.438% (2028), 101.719% (2029) and par (2030+).
Concurrently, Century executed Amendment No. 5 to its asset-based credit facility, extending maturity to 22-Jul-2030, capping swingline loans at 7.5 % of the revolver, revising concentration limits, and fixing the Term SOFR adjustment at 0.10 %.
Century Aluminum (CENX) ha completato un'offerta da 400 milioni di dollari di note senior garantite al 6,875% con scadenza 2032 il 22 luglio 2025. Gli interessi iniziano il 1 febbraio 2026 e vengono pagati semestralmente. Le note sono garantite da filiali nazionali a responsabilità limitata e garantite da un secondo privilegio su quasi tutti gli asset, esclusi i beni a garanzia dell’ABL, con rango pari ad altri debiti senior e prioritari rispetto ai debiti non garantiti fino al valore del collaterale.
I proventi serviranno a finanziare il rimborso delle note in circolazione da 250 milioni di dollari al 7,50% con scadenza 2028 (prezzo di rimborso 101,875% più interessi maturati, totale circa 261,1 milioni di dollari il 5 agosto 2025) e a rimborsare gli importi residui del revolving della società, con l’eventuale eccedenza destinata a commissioni e spese.
L’atto di obbligazione limita l’assunzione di ulteriore debito, i privilegi, i dividendi, la vendita di asset e le transazioni con affiliate. Rimborso anticipato: make-whole prima del 1 agosto 2028; successivamente 103,438% (2028), 101,719% (2029) e valore nominale (dal 2030 in poi).
Contemporaneamente, Century ha eseguito la Modifica n. 5 alla sua linea di credito basata su asset, estendendo la scadenza al 22 luglio 2030, limitando i prestiti swingline al 7,5% del revolving, rivedendo i limiti di concentrazione e fissando l’aggiustamento del Term SOFR allo 0,10%.
Century Aluminum (CENX) completó una oferta de 400 millones de dólares de notas senior garantizadas al 6.875% con vencimiento en 2032 el 22 de julio de 2025. Los intereses comienzan el 1 de febrero de 2026 y se pagan semestralmente. Las notas están garantizadas por subsidiarias nacionales restringidas y aseguradas con un segundo gravamen sobre casi todos los activos, excepto el colateral ABL, con rango igual a otras deudas senior y por delante de la deuda no garantizada hasta el valor del colateral.
Los ingresos financiarán el rescate de las notas pendientes de 250 millones de dólares al 7.50% con vencimiento en 2028 (precio de rescate 101.875% más intereses acumulados, total ≈ 261.1 millones de dólares el 5 de agosto de 2025) y el pago de los montos pendientes bajo la línea revolvente de la compañía, destinando cualquier remanente a tarifas y gastos.
El contrato limita deuda adicional, gravámenes, dividendos, ventas de activos y transacciones con afiliados. Redención anticipada: make-whole antes del 1 de agosto de 2028; luego 103.438% (2028), 101.719% (2029) y valor nominal (2030 en adelante).
Simultáneamente, Century ejecutó la Enmienda N° 5 a su línea de crédito basada en activos, extendiendo el vencimiento al 22 de julio de 2030, limitando los préstamos swingline al 7.5% del revolver, revisando los límites de concentración y fijando el ajuste del Term SOFR en 0.10%.
Century Aluminum (CENX)는 2025년 7월 22일에 6.875% 선순위 담보채권, 만기 2032년로 4억 달러 규모의 채권 발행을 완료했습니다. 이자는 2026년 2월 1일부터 시작되며 반기별로 지급됩니다. 해당 채권은 국내 제한 자회사가 보증하며, ABL 담보를 제외한 대부분 자산에 대해 2순위 담보권이 설정되어 있으며, 다른 선순위 부채와 동등한 순위이며 담보 가치 한도 내에서 무담보 부채보다 우선합니다.
발행 자금은 2028년 만기, 7.50% 미지급 채권 2억 5천만 달러 상환(콜 가격 101.875% 및 미지급 이자 포함, 총 약 2억 6,110만 달러, 2025년 8월 5일) 및 회사의 회전 신용 대출 잔액 상환에 사용되며, 남은 금액은 수수료 및 비용에 충당됩니다.
계약서에는 추가 부채, 담보권, 배당, 자산 매각 및 계열사 거래에 대한 제한이 포함되어 있습니다. 조기 상환 조건은 2028년 8월 1일 이전은 make-whole, 이후에는 103.438%(2028년), 101.719%(2029년), 그리고 2030년 이후에는 액면가로 상환됩니다.
동시에 Century는 자산 기반 신용 시설에 대한 제5차 수정안을 체결하여 만기를 2030년 7월 22일로 연장하고, 스윙라인 대출 한도를 회전 신용의 7.5%로 제한하며, 집중 한도를 조정하고 Term SOFR 조정치를 0.10%로 고정했습니다.
Century Aluminum (CENX) a finalisé le 22 juillet 2025 une émission de 400 millions de dollars de notes senior garanties à 6,875 % échéance 2032. Les intérêts débutent le 1er février 2026 et sont payés semestriellement. Les notes sont garanties par des filiales nationales restreintes et sont garanties par un second rang sur presque tous les actifs, sauf le collatéral ABL, se plaçant au même rang que les autres dettes senior et devant la dette non garantie jusqu’à la valeur du collatéral.
Les fonds serviront à financer le rachat des notes en circulation de 250 millions de dollars à 7,50 % échéance 2028 (prix de remboursement 101,875 % plus intérêts courus, total ≈ 261,1 millions de dollars au 5 août 2025) et à rembourser les montants en cours sur la ligne de crédit renouvelable de la société, le reste étant destiné aux frais et dépenses.
Le contrat limite l’endettement supplémentaire, les privilèges, les dividendes, les ventes d’actifs et les transactions avec des affiliés. Remboursement anticipé : make-whole avant le 1er août 2028 ; ensuite 103,438 % (2028), 101,719 % (2029) et pair (2030 et au-delà).
Parallèlement, Century a exécuté la modification n° 5 de sa facilité de crédit adossée aux actifs, prolongeant l’échéance au 22 juillet 2030, plafonnant les prêts swingline à 7,5 % de la ligne renouvelable, révisant les limites de concentration et fixant l’ajustement du Term SOFR à 0,10 %.
Century Aluminum (CENX) hat am 22. Juli 2025 ein 400-Millionen-Dollar-Angebot von 6,875% vorrangig besicherten Schuldverschreibungen mit Fälligkeit 2032 abgeschlossen. Die Zinsen beginnen am 1. Februar 2026 und werden halbjährlich gezahlt. Die Schuldverschreibungen werden von inländischen beschränkten Tochtergesellschaften garantiert und sind durch eine zweite Grundschuld auf nahezu alle Vermögenswerte außer dem ABL-Sicherheiten besichert, ranggleich mit anderen vorrangigen Schulden und vor ungesicherten Schulden bis zum Wert der Sicherheiten.
Die Erlöse werden zur Tilgung der ausstehenden 250 Millionen Dollar 7,50%-Schuldverschreibungen mit Fälligkeit 2028 (Rückzahlungspreis 101,875% zuzüglich aufgelaufener Zinsen, insgesamt ca. 261,1 Millionen Dollar am 5. August 2025) und zur Rückzahlung der ausstehenden Beträge unter der revolvierenden Kreditlinie des Unternehmens verwendet, wobei ein eventueller Restbetrag für Gebühren und Kosten vorgesehen ist.
Die Schuldverschreibungsbedingungen beschränken zusätzliche Schulden, Sicherheiten, Dividenden, Vermögensverkäufe und Transaktionen mit verbundenen Unternehmen. Vorzeitige Rückzahlung: Make-whole vor dem 1. August 2028; danach 103,438% (2028), 101,719% (2029) und Nominalwert (ab 2030).
Zeitgleich hat Century die Änderung Nr. 5 an seiner assetbasierten Kreditfazilität durchgeführt, die Laufzeit bis zum 22. Juli 2030 verlängert, Swingline-Kredite auf 7,5 % der revolvierenden Kreditlinie begrenzt, Konzentrationsgrenzen überarbeitet und die Term SOFR-Anpassung auf 0,10 % festgelegt.
- Refinancing lowers coupon from 7.50 % to 6.875 %, reducing annual interest expense by roughly $1.6 million.
- Maturity profile extended to 2032, eliminating significant 2028 refinancing risk.
- Credit facility maturity pushed to 2030, bolstering liquidity horizon.
- $400 million issuance exceeds $250 million notes redeemed, raising gross secured debt.
- Second-lien security further encumbers assets, potentially limiting future borrowing capacity.
- Call premium on 2028 notes costs approximately $4.7 million in cash.
Insights
TL;DR – Leverage profile improves via lower coupon and maturity extension; collateral coverage offsets added secured debt.
The 6.875 % notes refinance 7.50 % 2028 paper, cutting annual interest expense by ≈ $1.6 million and pushing final maturity four years later to 2032. Second-lien status and broad collateral reduce recovery risk for investors, while covenants restrict incremental leverage and cash leakage. Redemption of the 2028 notes and revolver pay-down lower near-term refinancing pressure. Overall, the transaction strengthens the company’s liquidity ladder and should tighten spreads, warranting a positive credit view.
TL;DR – Debt mix shifts but absolute borrowings rise; equity impact largely neutral.
Issuing $400 million to retire $250 million and repay revolver increases gross debt yet moderately lowers blended coupon. Equity holders gain from extended maturities and covenant-constrained financial discipline, but incremental secured claims subordinate unsecured assets and could limit future financing flexibility. The 101.875 % call premium generates a one-time cash outflow of ≈ $4.7 million. Net effect on valuation is neutral absent operating improvements.
Century Aluminum (CENX) ha completato un'offerta da 400 milioni di dollari di note senior garantite al 6,875% con scadenza 2032 il 22 luglio 2025. Gli interessi iniziano il 1 febbraio 2026 e vengono pagati semestralmente. Le note sono garantite da filiali nazionali a responsabilità limitata e garantite da un secondo privilegio su quasi tutti gli asset, esclusi i beni a garanzia dell’ABL, con rango pari ad altri debiti senior e prioritari rispetto ai debiti non garantiti fino al valore del collaterale.
I proventi serviranno a finanziare il rimborso delle note in circolazione da 250 milioni di dollari al 7,50% con scadenza 2028 (prezzo di rimborso 101,875% più interessi maturati, totale circa 261,1 milioni di dollari il 5 agosto 2025) e a rimborsare gli importi residui del revolving della società, con l’eventuale eccedenza destinata a commissioni e spese.
L’atto di obbligazione limita l’assunzione di ulteriore debito, i privilegi, i dividendi, la vendita di asset e le transazioni con affiliate. Rimborso anticipato: make-whole prima del 1 agosto 2028; successivamente 103,438% (2028), 101,719% (2029) e valore nominale (dal 2030 in poi).
Contemporaneamente, Century ha eseguito la Modifica n. 5 alla sua linea di credito basata su asset, estendendo la scadenza al 22 luglio 2030, limitando i prestiti swingline al 7,5% del revolving, rivedendo i limiti di concentrazione e fissando l’aggiustamento del Term SOFR allo 0,10%.
Century Aluminum (CENX) completó una oferta de 400 millones de dólares de notas senior garantizadas al 6.875% con vencimiento en 2032 el 22 de julio de 2025. Los intereses comienzan el 1 de febrero de 2026 y se pagan semestralmente. Las notas están garantizadas por subsidiarias nacionales restringidas y aseguradas con un segundo gravamen sobre casi todos los activos, excepto el colateral ABL, con rango igual a otras deudas senior y por delante de la deuda no garantizada hasta el valor del colateral.
Los ingresos financiarán el rescate de las notas pendientes de 250 millones de dólares al 7.50% con vencimiento en 2028 (precio de rescate 101.875% más intereses acumulados, total ≈ 261.1 millones de dólares el 5 de agosto de 2025) y el pago de los montos pendientes bajo la línea revolvente de la compañía, destinando cualquier remanente a tarifas y gastos.
El contrato limita deuda adicional, gravámenes, dividendos, ventas de activos y transacciones con afiliados. Redención anticipada: make-whole antes del 1 de agosto de 2028; luego 103.438% (2028), 101.719% (2029) y valor nominal (2030 en adelante).
Simultáneamente, Century ejecutó la Enmienda N° 5 a su línea de crédito basada en activos, extendiendo el vencimiento al 22 de julio de 2030, limitando los préstamos swingline al 7.5% del revolver, revisando los límites de concentración y fijando el ajuste del Term SOFR en 0.10%.
Century Aluminum (CENX)는 2025년 7월 22일에 6.875% 선순위 담보채권, 만기 2032년로 4억 달러 규모의 채권 발행을 완료했습니다. 이자는 2026년 2월 1일부터 시작되며 반기별로 지급됩니다. 해당 채권은 국내 제한 자회사가 보증하며, ABL 담보를 제외한 대부분 자산에 대해 2순위 담보권이 설정되어 있으며, 다른 선순위 부채와 동등한 순위이며 담보 가치 한도 내에서 무담보 부채보다 우선합니다.
발행 자금은 2028년 만기, 7.50% 미지급 채권 2억 5천만 달러 상환(콜 가격 101.875% 및 미지급 이자 포함, 총 약 2억 6,110만 달러, 2025년 8월 5일) 및 회사의 회전 신용 대출 잔액 상환에 사용되며, 남은 금액은 수수료 및 비용에 충당됩니다.
계약서에는 추가 부채, 담보권, 배당, 자산 매각 및 계열사 거래에 대한 제한이 포함되어 있습니다. 조기 상환 조건은 2028년 8월 1일 이전은 make-whole, 이후에는 103.438%(2028년), 101.719%(2029년), 그리고 2030년 이후에는 액면가로 상환됩니다.
동시에 Century는 자산 기반 신용 시설에 대한 제5차 수정안을 체결하여 만기를 2030년 7월 22일로 연장하고, 스윙라인 대출 한도를 회전 신용의 7.5%로 제한하며, 집중 한도를 조정하고 Term SOFR 조정치를 0.10%로 고정했습니다.
Century Aluminum (CENX) a finalisé le 22 juillet 2025 une émission de 400 millions de dollars de notes senior garanties à 6,875 % échéance 2032. Les intérêts débutent le 1er février 2026 et sont payés semestriellement. Les notes sont garanties par des filiales nationales restreintes et sont garanties par un second rang sur presque tous les actifs, sauf le collatéral ABL, se plaçant au même rang que les autres dettes senior et devant la dette non garantie jusqu’à la valeur du collatéral.
Les fonds serviront à financer le rachat des notes en circulation de 250 millions de dollars à 7,50 % échéance 2028 (prix de remboursement 101,875 % plus intérêts courus, total ≈ 261,1 millions de dollars au 5 août 2025) et à rembourser les montants en cours sur la ligne de crédit renouvelable de la société, le reste étant destiné aux frais et dépenses.
Le contrat limite l’endettement supplémentaire, les privilèges, les dividendes, les ventes d’actifs et les transactions avec des affiliés. Remboursement anticipé : make-whole avant le 1er août 2028 ; ensuite 103,438 % (2028), 101,719 % (2029) et pair (2030 et au-delà).
Parallèlement, Century a exécuté la modification n° 5 de sa facilité de crédit adossée aux actifs, prolongeant l’échéance au 22 juillet 2030, plafonnant les prêts swingline à 7,5 % de la ligne renouvelable, révisant les limites de concentration et fixant l’ajustement du Term SOFR à 0,10 %.
Century Aluminum (CENX) hat am 22. Juli 2025 ein 400-Millionen-Dollar-Angebot von 6,875% vorrangig besicherten Schuldverschreibungen mit Fälligkeit 2032 abgeschlossen. Die Zinsen beginnen am 1. Februar 2026 und werden halbjährlich gezahlt. Die Schuldverschreibungen werden von inländischen beschränkten Tochtergesellschaften garantiert und sind durch eine zweite Grundschuld auf nahezu alle Vermögenswerte außer dem ABL-Sicherheiten besichert, ranggleich mit anderen vorrangigen Schulden und vor ungesicherten Schulden bis zum Wert der Sicherheiten.
Die Erlöse werden zur Tilgung der ausstehenden 250 Millionen Dollar 7,50%-Schuldverschreibungen mit Fälligkeit 2028 (Rückzahlungspreis 101,875% zuzüglich aufgelaufener Zinsen, insgesamt ca. 261,1 Millionen Dollar am 5. August 2025) und zur Rückzahlung der ausstehenden Beträge unter der revolvierenden Kreditlinie des Unternehmens verwendet, wobei ein eventueller Restbetrag für Gebühren und Kosten vorgesehen ist.
Die Schuldverschreibungsbedingungen beschränken zusätzliche Schulden, Sicherheiten, Dividenden, Vermögensverkäufe und Transaktionen mit verbundenen Unternehmen. Vorzeitige Rückzahlung: Make-whole vor dem 1. August 2028; danach 103,438% (2028), 101,719% (2029) und Nominalwert (ab 2030).
Zeitgleich hat Century die Änderung Nr. 5 an seiner assetbasierten Kreditfazilität durchgeführt, die Laufzeit bis zum 22. Juli 2030 verlängert, Swingline-Kredite auf 7,5 % der revolvierenden Kreditlinie begrenzt, Konzentrationsgrenzen überarbeitet und die Term SOFR-Anpassung auf 0,10 % festgelegt.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
Senior Secured Notes due 2032
On July 22, 2025, Century Aluminum Company (the “Company”) completed its previously announced offering of $400 million aggregate principal amount of 6.875% Senior Secured Notes due 2032 (the “Notes”). The Notes were issued pursuant to an indenture, dated as of July 22, 2025 (the “Indenture”), by and among the Company, the guarantor subsidiaries of the Company named therein (the “Guarantors”) and Wilmington Trust, National Association, as trustee and noteholder collateral agent (“Wilmington”). The Notes were offered and sold in an underwritten transaction in the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (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.
Interest on the Notes will accrue at a rate of 6.875% per year, payable semiannually in arrears on each February 1 and August 1, beginning February 1, 2026. The Company will make each interest payment to the holders of record of the Notes on the immediately preceding January 15 or July 15. The Notes will mature on August 1, 2032 unless earlier redeemed or repurchased.
The Notes are guaranteed by all of the Company’s domestic restricted subsidiaries (subject to certain exceptions), and the Company’s obligations under the Notes are secured (subject to certain exceptions and permitted liens) by liens on substantially all of the Company’s and the Guarantors’ assets (other than accounts receivable, deposit accounts and controlled investment accounts, inventory, and certain related assets and any proceeds of the foregoing, which secure the Company’s indebtedness under its credit agreement (the “ABL Collateral”) and certain other excluded property). The Notes rank equally in right of payment with all of the Company’s existing and future senior indebtedness, effectively senior to all of the Company’s unsecured indebtedness to the extent of the value of the collateral and senior to all of the Company’s existing and future subordinated indebtedness. The Notes rank effectively junior to (i) any obligations under its credit agreement to the extent of the value of the ABL Collateral, which is not pledged to secure the Notes and the related guarantees, and (ii) any obligations that are secured by any future liens on the collateral ranking senior to the liens securing the Notes to the extent of the terms of any such lien and the value of the collateral.
The Company and the other subsidiary grantors named therein entered into (i) a Second Lien Pledge and Security Agreement, dated as of July 22, 2025, with Wilmington, as collateral agent for the Notes (the “Security Agreement”), and (ii) a Collateral Agency Agreement, dated as of July 22, 2025, with Wilmington, as trustee under the Indenture and as collateral agent for the Notes (the “Collateral Agreement”). The Security Agreement and the Collateral Agreement contain the terms and conditions of the security interest granted in connection with the Notes and the related guarantees.
The Company may redeem any of the Notes, in whole or in part, before August 1, 2028 at a redemption price equal to 100% of the principal amount being redeemed plus a make-whole premium as calculated under the Indenture. In addition, before August 1, 2028, the Company may (i) redeem up to 40% of the aggregate principal amount of Notes originally issued (calculated after giving effect to any additional Notes) with the proceeds of certain equity offerings at 106.875% of their principal amount plus accrued and unpaid interest thereon to the redemption date; and (ii) redeem up to 10% of the aggregate principal amount of Notes during any twelve month period at a redemption price equal to 103% of the principal amount thereof, provided that the aggregate principal amount of Notes to be redeemed does not exceed $40.0 million plus, to the extent the Company has issued any additional Notes, the lesser of (a) the aggregate principal amount of such additional Notes and (ii) $50.0 million.
At any time on or after August 1, 2028, the Company may redeem the Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest to, but not including, the redemption date, if redeemed during the twelve-month period beginning on August 1 of the years indicated below:
| Year | Percentage |
| 2028 | 103.438% |
| 2029 | 101.719% |
| 2030 and thereafter | 100.000% |
If the Company sells certain assets and does not apply the proceeds as required under the Indenture or experiences specific kinds of changes of control, the Company must in certain circumstances offer to repurchase the Notes from holders at the prices set forth in the Indenture.
The Indenture contains covenants that, among other things, limit the Company’s ability and the ability of any of the Guarantors to (i) incur additional debt, (ii) create liens, (iii) pay dividends or make distributions in respect of capital stock, (iv) purchase or redeem capital stock, (v) make investments or certain other restricted payments, (vi) sell assets, (vii) create restrictions on the payment of dividends or other amounts to the Company from the Guarantors, (viii) issue or sell stock of restricted subsidiaries, (ix) enter into transactions with stockholders or affiliates and (x) effect a consolidation or merger. These covenants are subject to a number of exceptions, limitations and qualifications set forth in the Indenture.
Upon the occurrence and continuance of certain events of default set forth in the Indenture, Wilmington or the holders of at least 25% in aggregate principal amount of the outstanding Notes may declare all the Notes to be due and payable immediately. Upon the occurrence of certain bankruptcy or insolvency events affecting the Company or certain of its subsidiaries, all outstanding Notes will become due and payable immediately without further action or notice on the part of Wilmington or any holder of the Notes.
Proceeds from the offering of the Notes will be applied toward the payment of the aggregate redemption price for the Company’s $250 million aggregate principal amount of 7.50% senior notes due 2028 (the “2028 Notes”) as further described in Item 1.02 below, to repay borrowings under Century’s credit facilities and to pay fees and expenses relating to the offering of the Notes.
The foregoing summary of the Indenture, the Security Agreement and the Collateral Agreement does not purport to be complete and is qualified in its entirety by the terms of the Indenture, the Security Agreement and the Collateral Agreement, copies of which are attached hereto as Exhibits 4.1, 10.1 and 10.2, respectively, and incorporated by reference herein.
Fifth Amendment to Second Amended and Restated Loan and Security Agreement
On July 22, 2025, the Company and certain of its direct and indirect domestic subsidiaries (together with the Company, the “Borrowers”), entered into Amendment No. 5 (the “Fifth Amendment”) to its existing Second Amended and Restated Loan and Security Agreement, dated as of May 16, 2018, by and among the Borrowers, the financial institutions party thereto as lenders (the “Lenders”) and Wells Fargo Capital Finance, LLC, as agent for the Lenders (the “Agent”), as amended, modified and supplemented from time to time (the “Existing Credit Facility”). Pursuant to the Fifth Amendment, the Borrowers, Agent and Lenders agreed to amend the Existing Credit Facility to, among other items, (i) revise the aggregate amount of swingline loans to be a maximum of 7.5% of the maximum revolving credit amount, (ii) extend the maturity date of the Existing Credit Facility to July 22, 2030, (iii) modify eligible accounts to adjust the concentration limits for Alcoa Corporation to 20% and Brazeway, LLC to 30%, (iv) modify the definition of Permitted Refinancing Indenture Documents (as defined in the Existing Credit Facility) to include documents entered into in accordance with the terms and conditions of the offering of the Notes and (v) revise the calculation of Term SOFR Adjustment (as defined in the Existing Credit Facility) to 0.10% per annum for all interest periods.
The description of the Fifth Amendment set forth above does not purport to be complete and is qualified in its entirety by reference to the full terms and conditions of the Fifth Amendment, a copy of which is filed as Exhibit 10.3 to this Current Report on Form 8-K and incorporated by reference herein.
Item 1.02. Termination of a Material Agreement.
On July 22, 2025, the Company determined that all conditions precedent to the Company’s redemption (the “Redemption”) of its 2028 Notes pursuant to its Conditional Notice of Full Redemption issued on July 21, 2025 had been satisfied. Accordingly, the 2028 Notes will be redeemed on August 5, 2025 at an aggregate redemption price of $261,145,833.33, consisting of 101.875% of the principal due and payable on the 2028 Notes plus accrued and unpaid interest to but excluding the August 5, 2025 redemption date. In connection with the Redemption, effective July 22, 2025, the Company satisfied and discharged all its obligations under and in accordance with the terms of the indenture governing the 2028 Notes, dated as of April 14, 2021, among the Company, the guarantors named therein, and Wilmington Trust, National Association, as trustee and noteholder collateral agent.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The description set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein in its entirety.
Item 7.01. Regulation FD Disclosure.
On July 22, 2025, the Company announced that it had closed the offering of the Notes. A copy of the press release announcing the closing of the Notes is attached hereto as Exhibit 99.1.
The description set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein in its entirety.
The information provided pursuant to this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description |
| 4.1 | Indenture, dated as of July 22, 2025, between Century Aluminum Company, the Guarantors (as defined therein) and Wilmington Trust, National Association, as trustee and noteholder collateral agent. |
| 4.2 | Form of 6.875% Senior Secured Notes due 2032 (included as Exhibit A to the Indenture filed as Exhibit 4.1). |
| 10.1 | Second Lien Pledge and Security Agreement, dated as of July 22, 2025 by and among Century Aluminum Company, the other Grantors (as defined therein) and Wilmington Trust, National Association, as collateral agent. |
| 10.2 | Collateral Agency Agreement, dated as of July 22, 2025, by and among Century Aluminum Company, the other Grantors (as defined therein) and Wilmington Trust, National Association, as trustee and collateral agent. |
| 10.3 | Amendment No. 5, dated as of July 22, 2025, to the Second Amended and Restated Loan and Security Agreement, dated as of May 16, 2018, among Century Aluminum Company, Century Aluminum of South Carolina, Inc., Century Aluminum of Kentucky General Partnership, NSA General Partnership and Century Aluminum Sebree LLC, as borrowers, and Wells Fargo Capital Finance, LLC, as agent and lender. |
| 99.1 | Press Release of Century Aluminum Company dated July 22, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and exhibits have been omitted.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CENTURY ALUMINUM COMPANY | ||
| Date: July 24, 2025 | By: | /s/ John DeZee |
| Name: | John DeZee | |
| Title: | Executive Vice President, General Counsel and Secretary |
FAQ
Why did Century Aluminum (CENX) issue new 6.875% notes?
How much cash will Century Aluminum spend to redeem the 2028 notes?
When do the new 2032 notes start paying interest?
What assets secure the new notes?
How was the credit facility changed by Amendment No. 5?
Can Century Aluminum redeem the new notes early?
