Century Aluminum Company (NasdaqGS:CENX), which owns interest in alumina and bauxite assets, reported on 8 June that it has offered an underwritten public offering of 7,250,000 common shares at USD52.50 per share. The company is offering all the shares.
Approximately 1,650,000 of the shares will be sold to investors in Iceland by way of global depository receipts.
In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 1,087,500 common shares to cover over-allotments, if any (including 247,500 shares which would be sold to investors in Iceland in the form of global depository receipts).
The company is expecting net proceeds of USD360m (assuming no exercise of the over-allotment option).
The proceeds will be used for the construction of its proposed new aluminium smelter near Helguvik, Iceland, debt reduction, investment in highly rated short-term securities and other corporate purposes.
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