Aditya Birla Group firm Novelis has completed refinancing of its USD 1.1 billion senior notes due 2024.
"Hindalco Industries Ltd has informed BSE that the company's wholly owned subsidiary Novelis Inc has completed refinancing of its USD 1.1 billion senior notes on August 15, 2016," Hindalco said in a regulatory filing.
Novelis is an aluminum rolling and recycling firm under Aditya Birla Group owned Hindalco Industries.
On August 15, Novelis priced an offering of USD 1.15 billion aggregate principal amount of 6.25 per cent senior notes due 2024.
The notes were priced at par value and will bear an interest rate of 6.25 per cent per annum.
Novelis intends to use the net proceeds of the offering to retire its outstanding 8.375 per cent senior notes due 2017.
The notes are guaranteed, jointly and severally, on a senior unsecured basis, by Novelis and some of its subsidiaries.
Novelis said that it expects to close the offering of the notes on August 29, 2016.
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