Business News

Novelis Inc. Increases Total Consideration for Tender Offer and Consent Solicitation for its 11.50% Senior Notes Due 2015

Tuesday 07. December 2010 - Novelis Inc. announced today that it has increased the Total Consideration in its previously announced tender offer and consent solicitation for its 11.50% Senior Notes Due 2015 (the "11.50% Notes") to $1,258.50 for each $1,000 principal amount of 11.50% Notes validly tendered and not validly withdrawn and accepted for purchase pursuant to the tender offer at or prior to 5:00 p.m., New York City time, on Wednesday, December 8, 2010, unless extended or earlier terminated by Novelis (such time and date, as the same may be extended or earlier terminated, the "Consent Deadline").

Novelis previously announced on December 2, 2010, that the Total Consideration payable in connection with Novelis’ tender offer and consent solicitation for its 7.25% Senior Notes Due 2015 (the “7.25 Notes” and together with the 11.50% Notes, the “Notes”) was increased to $1,032.50 for each $1,000 principal amount of 7.25% Notes validly tendered and not validly withdrawn and accepted for purchase pursuant to the 7.25% Notes tender offer at or prior to the Consent Deadline.
The Consent Deadline and the Expiration Time for both tender offers have not been extended and no other terms or conditions of the tender offers or the consent solicitations have been modified. Accordingly, each tender offer will expire at 11:59 p.m., New York City time, on Tuesday, December 28, 2010, unless extended or earlier terminated by Novelis.
Updated information related to the Notes, the tender offers and consent solicitations giving effect to the increased Tender Offer Consideration and Total Consideration payable to the holders of Notes is set forth in the table below.
Outstanding
Principal Consent
Security CUSIP Amount Deadline
7.25% 5:00 p.m.,
Senior 67000XAB2 $1,124,159,000 New
Notes Due York City
2015 67000XAA4 time,
67000XAC0 December 8,
2010
11.50% 5:00 p.m.,
Senior 67000XAF3 $185,000,000 New
Notes Due York City
2015 time,
December 8,
2010
Tender
Offer Consent Total
Security Consideration(1) Payment(2) Consideration(1)(3)
7.25%
Senior $1,002.50 $30.00 $1,032.50
Notes Due
2015
11.50%
Senior $1,228.50 $30.00 $1,258.50
Notes Due
2015
(1) Per $1,000 principal amount of Notes excluding accrued and unpaid
interest, which will be paid in addition to the Tender Offer
Consideration or the Total Consideration, as applicable.
(2) Per $1,000 principal amount of Notes tendered prior to the
Consent Deadline.
(3) Includes Tender Offer Consideration and Consent Payment.
Holders of Notes who already have validly tendered their Notes do not need to take any further action to receive the applicable increased Total Consideration.
Except as amended by this press release and the December 2, 2010, press release mentioned above, the tender offers and the consent solicitations continue to be made on the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated November 26, 2010 (the “Offer to Purchase”), and the related Letter of Transmittal and Consent (the “Letter of Transmittal”).
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, RBS Securities, Inc. and UBS Securities LLC are acting as Dealer Managers and as Solicitation Agents for the tender offers and the consent solicitations. Persons with questions regarding the tender offers or the consent solicitations should contact Citigroup Global Markets Inc. toll-free at (800) 558-3745 or collect (212) 723-6106. Requests for documents should be directed to Global Bondholder Services Corporation, the Information Agent and Depositary for the tender offers and consent solicitations, at (212) 430-3774 (for banks and brokers) or (866) 387-1500 (for noteholders).
This press release amends the terms of the tender offer and consent solicitation for the 11.50% Notes originally set forth in the Offer to Purchase and the accompanying Letter of Transmittal.
No further tender offer or consent solicitation materials will be distributed to holders of the Notes. As noted above, except for the amendments to the terms of the Offer to Purchase and the accompanying Letter of Transmittal set forth in this press release and the December 2, 2010, press release mentioned above, the terms of the tender offers and consent solicitations remain as described in the Offer to Purchase and the accompanying Letter of Transmittal.
This press release is for informational purposes only and is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of a consent with respect to any of the Notes.