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Noranda Announces Plans For New Debt Financing

Stocks in this article: NOR

Noranda Aluminum Holding Corporation (NYSE: NOR) announced today that its Board of Directors has approved plans to pursue a debt refinancing of the Company’s senior secured credit facility, including both its term loan and revolving credit facility. The refinancing is expected to result in two new senior secured credit facilities in an aggregate amount of approximately $550 million, comprised of a term loan in an amount of approximately $300 million, and an asset-based revolving credit facility in an amount of approximately $250 million, which is anticipated to be undrawn at closing. The proceeds of the refinancing are anticipated to be used for repayment of amounts outstanding under Noranda’s Term Loan B, a tender offer for a portion of Noranda’s outstanding Senior Floating Rate Notes due 2015, the issuance of a special dividend in the amount of approximately $1.25 per share and general corporate purposes. The timing and size of any potential refinancing and the use of proceeds thereof, including the size and timing of any dividend, are subject to market and other conditions, and Noranda makes no assurance that such actions, including any special dividend, will take place at any specific time, or at all.

“Our plan to opportunistically pursue a refinancing of our senior secured credit facility and extend our debt maturity profile is supported by both our healthy balance sheet and strength in the global capital markets,” said Layle K. (Kip) Smith, Noranda’s President and Chief Executive Officer. “We believe that this refinancing is consistent with our model of prudently providing stockholders meaningful cash returns and driving stockholder value creation through business reinvestment and strategic growth.”

About the Company

Noranda Aluminum Holding Corporation is a leading North American integrated producer of value-added primary aluminum products, as well as high quality rolled aluminum coils. Noranda is a public company controlled by affiliates of its private equity sponsor.

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