Novelis Inc., a leading sustainable aluminum solutions provider and the global leader in aluminum rolling and recycling, announced that its indirect wholly owned subsidiary, Novelis Corporation (the “Issuer”), has priced an offering of $750 million aggregate principal amount of 6.375% senior notes due August 2033 (the “Notes”).
The Notes, priced at par, will carry an annual interest rate of 6.375% and are being issued through a private offering exempt from registration under the U.S. Securities Act of 1933, as amended. The Notes will be guaranteed on a senior unsecured basis, jointly and severally, by Novelis Inc. and certain of its subsidiaries.
Closing of the offering is expected on August 18, 2025, subject to customary closing conditions.
The Issuer intends to use the net proceeds from the Offering, together with cash on hand, to (i) purchase all of the outstanding $750 million aggregate principal amount of its 3.250% Senior Notes due November 2026 (the “2026 Notes”) that are validly tendered and not withdrawn pursuant the Issuer’s previously announced tender offer (the “Tender Offer”) and (ii) pay fees and expenses in connection with the Offering and the Tender Offer. To the extent that there are any remaining proceeds from the Offering, the Issuer intends, but is not obligated, to use such proceeds to redeem the remaining 2026 Notes that are not validly tendered pursuant to the Tender Offer at the applicable optional redemption price, plus accrued and unpaid interest to, but not including, the date of redemption in accordance with the terms of the indenture governing the 2026 Notes.
The Notes and the related guarantees have not been, and will not be, registered under the Securities Act, or any state securities laws, and have not been, and will not be, offered or sold within the United States or to U.S. persons, except to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act.