Century Aluminum Plans to Sell 7.3 Million Shares, in Part to Investors in Iceland

MONTEREY, Calif. -- Century Aluminum Co., which produces aluminum in the U.S. and Iceland, said Tuesday it plans to offer 7.3 million shares of its common stock.

Century Aluminum plans to offer to sell some of the shares to institutional investors in Iceland in the form of global depositary receipts traded on the First North Iceland.

The company expects to use the net proceeds of the offering to help finance its proposed new aluminum smelter near Helguvik, Iceland. Century Aluminum also intends to use some proceeds to reduce debt and invest in highly rated short-term securities.

Credit Suisse Securities and Morgan Stanley will act as global coordinators for the offering. Kaupthing Bank, Kaupthing Securities and Landsbanki Islands will also help sell shares to investors.

Century Aluminum plans to grant the underwriters an option to buy up to 1.1 million shares to cover over-allotments.