JW Aluminum proposes new notes offering

The JW Aluminum Continuous Cast Co. subsidiary of Charleston, South Carolina-based JW Aluminum Holding Corp. has announced plans to issue Senior Secured Notes due 2030 in the aggregate principal amount of $350 million.

The recycled-content aluminum producer says the notes will be issued in a private offering that is exempt from the registration requirements of the Securities Act of 1933.

“The company intends to offer the notes to qualified institutional buyers in accordance with Rule 144A or outside the United States in accordance with Regulation S under the Securities Act,” JW Aluminum says.

Net proceeds from the notes, plus existing cash on hand, will be used to redeem the company's outstanding 10.25 percent senior secured notes due 2026, plus accrued and unpaid interest, later this month.

Additional proceeds will go to pay dividends in an amount of up to $50 million by JW Aluminum Continuous Cast Co. to its parent company and for what JW calls “general corporate purposes.”

JW Aluminum, whose flat-rolled aluminum is used in the construction, heating, ventilation, air conditioning, refrigeration and transportation sectors, operates plants in Mount Holly, South Carolina, and Russellville, Arkansas.