Novelis Announces Closing of Euro 500 Million Senior Green Notes Offering

Novelis Inc., the world leader in aluminum rolling and recycling, today announced the completion of the previously announced offering of Euro 500 million aggregate principal amount of 3.375% euro-denominated senior green notes due April 15, 2029 by Novelis Sheet Ingot GmbH, an indirect wholly-owned subsidiary of Novelis. The Notes are guaranteed, jointly and severally, on a senior unsecured basis, by Novelis, and by certain Novelis subsidiaries.

The net proceeds of the offering, together with cash on hand, will be used to repay a portion of Novelis's outstanding term loans due June 2, 2022, plus accrued and unpaid interest thereon and pay certain fees and expenses in connection with the foregoing and the offering of the green notes. In addition, Novelis intends to allocate an amount equal to the net proceeds received from the offering to finance and/or refinance new and/or existing eligible green projects.

The green notes were offered in a private offering that was exempt from the registration requirements of the Securities Act of 1933, as amended. The green notes were offered within the United States to qualified institutional buyers in accordance with Rule 144A and outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended.

Shares of HINDALCO INDUSTRIES LTD. was last trading in BSE at Rs.326.85 as compared to the previous close of Rs. 326.1. The total number of shares traded during the day was 399699 in over 3182 trades.

The stock hit an intraday high of Rs. 335.85 and intraday low of 321. The net turnover during the day was Rs. 131959271.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the green notes and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful. Any offers of the green notes were made only by means of a private offering memorandum.

Source : Equity Bulls

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