Aleris Corp.'s Aleris International Inc. unit launched a private offering of US$400 million senior secured junior priority notes due 2023, subject to market and other conditions, according to a June 4 release.
Proceeds from this offering, along with the proceeds of a proposed new senior first lien term loan and cash on hand, will be used to redeem its outstanding 7.875% senior notes due 2020 and 9.500% senior secured notes due 2021, as well as to repay a portion of its debt.
The notes will be guaranteed by Aleris and some of its subsidiaries.
Ohio-based Aleris manufactures and sells aluminum rolled products.
