ATLANTA, June 1 /CNW/ -- Novelis Inc. announced today the expiration of
the early consent date in connection with the tender offer for its $1.4
billion principal amount of 7-1/4% Senior Notes due 2015 and the solicitation
of consents to the proposed amendments to the indenture governing the senior
Pursuant to an Offer to Purchase and Consent Solicitation Statement dated
May 16, 2007, Novelis made a cash tender offer to purchase all of its
outstanding senior notes for the offer consideration of $1,010 per $1,000
principal amount of senior notes and an early consent payment of $5.00 per
$1,000 principal amount of senior notes, for all senior notes validly tendered
and not withdrawn prior to 5:00 p.m., New York City time, on May 31, 2007.
As of 5:00 p.m., New York City time, on May 31, 2007, the early consent
payment deadline, approximately $10,716,000 aggregate principal amount of the
senior notes had been validly tendered pursuant to the tender offer.
Although the early consent payment deadline has expired, holders may
still validly tender their senior notes and deliver their consents pursuant to
the tender offer prior to 8:00 a.m., New York City time, on June 15, 2007, the
tender offer expiration date (which may be extended by Novelis), to receive
the offer consideration of $1,010 per $1,000 principal amount of senior notes
tendered. However, such holders will no longer be entitled to receive the
early consent payment of $5.00 per $1,000 principal amount of senior notes
The tender offer and consent solicitation is conditioned upon, among
other things, receipt of consents to the proposed amendments from holders of a
majority of the outstanding senior notes. If consents of a majority of the
outstanding senior notes are received prior to the tender offer expiration
date, Novelis and the other parties to the indenture may execute a
supplemental indenture to implement the proposed amendments to the indenture.
The proposed amendments would eliminate substantially all of the restrictive
covenants and events of default contained in the indenture. If any of the
tender offer conditions are not satisfied, Novelis will not be obligated to
accept for payment any senior notes tendered pursuant to the tender offer or
may terminate the tender offer.
Alternatively, holders may tender their senior notes pursuant to the
change of control offer described in the Offer to Purchase and Consent
Solicitation Statement. All senior notes validly tendered prior to 8:00 a.m.,
New York City time, on June 15, 2007, the change of control offer expiration
date (which may be extended by Novelis), will be entitled to receive the offer
consideration of $1,010 per $1,000 principal amount of senior notes. Holders
participating in the change of control offer will not be eligible, under any
circumstances, to receive the early consent payment of $5.00 per $1,000
principal amount of senior notes. A senior note may be tendered in the tender
offer or the change of control offer, but not both.
Other than as set forth herein, the tender offer and the change of
control offer as described in the Offer to Purchase and Consent Solicitation
Statement and related Consent and Letter of Transmittal remain unchanged.
UBS Investment Bank and ABN AMRO Incorporated are acting as dealer
managers in connection with the tender offer and the change of control offer.
Questions about the tender offer and the change of control offer may be
directed to the Liability Management Group of UBS Investment Bank at (888)
722-9555 ext. 4210 (toll free) or (203) 719-4210 (collect) and to Robert
Silverschotz at ABN AMRO Incorporated at (212) 409-6862. Requests for
documentation should be directed to Global Bondholder Services Corporation,
the information agent in connection with the tender offer and the change of
control offer, at (212) 430-3774 or (866) 807-2200 (toll free). The
depositary for the tender offer and the change of control offer is The Bank of
New York Trust Company, N.A.
This news release is for informational purposes only and is not an offer
to purchase or a solicitation of an offer to sell securities. No
recommendation is made as to whether or not holders of senior notes should
tender their securities pursuant to the tender offer or the change of control
Novelis Inc. is the global leader in aluminum rolled products and
aluminum can recycling. The company operates in 11 countries, has
approximately 12,900 employees and reported revenue of $9.8 billion in 2006.
Novelis supplies premium aluminum sheet and foil products to automotive,
transportation, packaging, construction, industrial and printing markets
throughout Asia, Europe, North America and South America. For more
information, visit www.novelis.com. Novelis is a subsidiary of Hindalco
Industries Limited, Asia's largest integrated producer of aluminum and a
leading copper producer. Hindalco is the flagship company of the Aditya Birla
Group, a multinational conglomerate based in Mumbai, India.
Statements made in this news release which describe Novelis' intentions,
expectations or predictions may be forward-looking statements within the
meaning of securities laws. Examples of forward-looking statements in this
news release include those related to Novelis' expectations or predictions
related to the future acquisition of the senior notes through redemption, open
market purchases, privately negotiated transactions, tender offers, exchange
offers or otherwise, upon such terms and for such consideration as Novelis or
its affiliates may determine. Novelis cautions that, by their nature,
forward-looking statements involve risk and uncertainty. Novelis does not
intend, and disclaims any obligation, to update any forward-looking
statements, whether as a result of new information, future events or
otherwise. Important risk factors which could impact Novelis are included
under the caption "Risk Factors" in Novelis' Annual Report on Form 10-K for
the year ended December 31, 2006, as amended and filed with the SEC, and are
specifically incorporated by reference into this news release.
For further information:
For further information: Media, Charles Belbin, +1-404-814-4260, mobile,
+1-404-803-2588, email@example.com Web Site: http://www.novelis.com