Novelis extends exchange offer
Atlanta, GA— Novelis Inc.
announced that it will extend until January 31, 2006, its offer
to exchange up to $1.4 billion aggregate principal amount of its
7-1/4% Senior Notes due 2015, which were initially issued and
sold in a private placement on February 3, 2005, for an equal
aggregate amount of its registered 7-1/4% Senior Notes due 2015.
The original expiration date
of the exchange offer was October 31, 2005. The expiration date
was extended on November 1, 2005, until November 8, 2005, and
extended again on November 7, 2005, until December 7, 2005. As
of December 5, 2005, $1,287,653,000 of the old notes had been
tendered for exchange.
As a result of the original extension
announced on November 1, 2005, the Company began to accrue, beginning
November 11, 2005, and until the exchange offer closes, a special
interest rate on the Senior Notes equaling an additional 0.25%
The rate of special interest
increases 0.25% during each subsequent 90-day period until the
exchange offer closes, with a maximum special interest rate of
1.00% per annum.
Novelis expects to file a post-effective
amendment after it files its third quarter financial statements,
which the Company announced on November 7, 2005, would be delayed.
The Company expects to continue extending the expiration of the
exchange offer until after the post-effective amendment becomes
Except for the extension of the
expiration date, all other terms of the exchange offer remain
as set forth in the exchange offer prospectus dated September