FOOTHILL RANCH, Calif.-- Aluminum products maker Kaiser Aluminum Corp. said Friday that a secondary offering of 5.5 million shares of its common stock priced at $61.25 apiece.
All shares are being offered by existing stockholders, including a voluntary employees' beneficiary association trust, which provides benefits to union-represented eligible retirees.
The trust is selling 2.5 million shares and granted the deal's underwriters a 30-day option to buy up to 819,280 additional shares to cover any over-allotments.
Kaiser said it will not sell any shares or receive any proceeds from the offering.
UBS Securities LLC and Bear Stearns Cos. acted as joint book-running managers. Lehman Brothers Inc. and Lazard Capital Markets LLC acted as co-managers of this offering.
Shares of Kaiser Aluminum fell 56 cents to $62.01 in morning trading on the Nasdaq.
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