Century Aluminum plans $360M stock sale

Century Aluminum Co. said Friday it priced a public offering of about 7.3 million shares of common stock at $52.50 per share.

Monterey-based Century said 1.7 million of the shares will be sold to investors in Iceland through global depositary receipts.
 
Underwriters have a 30-day option to buy up to an additional 1.1 million shares to cover any overallotments.

Century Aluminum plans to use the approximately $360 million it receives to help finance a proposed aluminum smelter near Helguvik, Iceland. The company may also use the proceeds to reduce debt, invest in highly rated short-term securities and other corporate purposes.

The offering is expected to close around June 13, subject to customary conditions.

Century Aluminum Company owns primary aluminum capacity in the United States and Iceland, as well as an ownership interest in alumina and bauxite assets in the United States and Jamaica.