Novelis Inc, a subsidiary of Aditya Birla-led Hindalco Industries, has completed offering of 500 million euro aggregate principal amount of 3.375 per cent euro-denominated senior green notes due on 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 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 besides paying certain fees and expenses in connection with the foregoing and offering of green notes.
In addition, Novelis intends to allocate an amount equal to the net proceeds received from the offering to finance and refinance new or existing eligible green projects.
The green notes were offered in a private offering that was exempt from 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.
Novelis is a subsidiary of Hindalco Industries Ltd, an industry leader in aluminum and copper, and the metals flagship company of Aditya Birla Group, a multinational conglomerate based in Mumbai.
Novelis operates 23 facilities in 9 countries. It has 11,000 employees and annual revenues of 12.3 billion dollars.
( With inputs from ANI )
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