Noranda Plans To Sell At Least 10M Shares To Pay Down Debt

Noranda Aluminum Holding Corp. （NOR） plans to sell at least 10 million shares, using the proceeds to pay down debt.

Many companies have made similar moves, issuing either new stock or debt in order to pay down debt coming due soon. The company has about 55 million shares outstanding.

Noranda went public in May, though it is still controlled by Apollo Management LP. Its products include rolled aluminum coils and Noranda holds such assets as a bauxite mine, alumina refinery and aluminum smelter.

The company in October said it swung to a third-quarter profit, even as revenue dropped 30%, as it saw gains from debt buybacks and a business combination.

Shares closed at $11.51 and were inactive after hours. The initial public offering price was $8.