Kaiser Aluminum Closes Senior Notes Offering Of $375.0 Million

Kaiser Aluminum Corporation (NASDAQ: KALU) revealed that it closed the offering of $375.0 million of 5.875% senior notes due 2024. The offering was through a private transaction, which was exempt from the registration requirements of the Securities Act.According to company, the notes were guaranteed by each of Kaiser Aluminum's current, as well as, future domestic subsidiaries that is a borrower or guarantor under its revolving credit facility.Kaiser said that the interest rate of 5.875% per annum would be paid semiannually. The private issue generated net proceeds of about $368.4 million after deducting expenses and fees besides discounts. The company plans to use the net proceeds to redeem all outstanding amounts of its current 8.25% senior notes due 2020 consisted of $197.8 million and a redemption premium of $8.2 million.On Thursday, the stock traded 1.27% down.