Aleris International has raised $500 million in a sale of notes to pay a dividend to its private equity owners, The Wall Street Journal reports. The company intends to use the net proceeds for a dividend payment to Oaktree Capital Management and affiliates of Apollo Management and Sankaty Advisors.
The aluminum rolled and extruded products producer appointed Bank of America Merrill Lynch, Barclays Capital, Deutsche Bank, JP Morgan Chase and UBS as the underwriters for the offering. The notes carry a coupon rate of 7.625% and are due to mature on Feb. 15, 2018.
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