Novelis is planning to raise about $2.5 billion in a two part bonds sale, NASDAQ reports. The senior unsecured notes will be offered in two parts, comprising a seven-year tranche and a 10-year tranche.
The U.S. aluminum cans maker may use the proceeds from the offering to refinance its existing bond and bank debt and to finance a $1.7 billion dividend to its parent company. Citigroup, Bank of America Merrill Lynch, Royal Bank of Scotland and UBS are the joint book-running managers for the sale.
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