Kaiser Aluminum Corporation Announces a Five-Year, $300 Million Senior Secured Revolving Credit Facility

FOOTHILL RANCH, Calif., Oct. 3, 2011 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (Nasdaq:KALU) today announced that it has entered into a $300 million, five-year senior secured revolving credit facility by amending and restating the Company's previously existing facility. The amended facility increases the lending commitment by $100 million, provides more favorable pricing and greater flexibility, and extends the maturity date from March 2014 to September 2016. On the effective date of September 30, 2011, borrowing availability, net of outstanding letters of credit, was $281 million based upon a borrowing base of eligible accounts receivable and inventory and certain machinery and equipment. There are no borrowings under the revolving credit facility.

"The amended facility further strengthens our liquidity position and provides greater flexibility to continue to pursue organic and acquisition growth opportunities," said Jack A. Hockema, President CEO, and Chairman. "We are pleased that our lead lending banks have acknowledged our strong business model and prudent financial management and we appreciate their continued support."

Company Description

Kaiser Aluminum Corporation, headquartered in Foothill Ranch, Calif., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, general engineering, and custom automotive and industrial applications. The Company's North American facilities produce value-added sheet, plate, extrusions, rod, bar, tube and wire products, adhering to traditions of quality, innovation and service that have been key components of our culture since the Company was founded in 1946. The Company's stock is included in the Russell 2000? index and the S&P SmallCap 600? index.