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Hindalco subsidiary Novelis issues US$1.6B senior notes due 2030

Hindalco Industries Ltd. unit Novelis Corp. priced an offering of US$1.6 billion 4.75% guaranteed senior notes due 2030 at par.

Novelis said Jan. 13 that proceeds from the notes are earmarked for refinancing the company's 6.25% senior notes due 2024 and for the expected acquisition of Aleris Corp.

Any remaining proceeds will be used for general corporate purposes.

The company said the offering is a private placement, and it expects to close the transaction Jan. 16.