Century Aluminum Company announced the successful closing of its private offering of 6.875% senior secured notes due August 2032. The offering generated gross proceeds of $400 million, with net proceeds of approximately $395 million after deducting expenses.
The net proceeds from this offering will be primarily used to refinance Century's existing $250 million senior secured 7.50% notes due 2028. This transaction effectively lowers interest costs and extends the maturity profile of a significant portion of the company's debt.
The refinancing also allows Century to repay borrowings under its credit facilities, further strengthening its balance sheet and enhancing financial flexibility. This move aligns with the company's stated priority to reduce net debt.
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