ATLANTA, June 15, 2007 -- Novelis Inc. announced today the expiration, at 8:00 a.m., New York City time, of the tender offer relating to its $1.4 billion principal amount of 7Novelis Inc. Announces Expiration of Tender Offer and Consent Solicitation and Extension of Change of Control Offer for 7¼% Senior Notes Due 2015% Senior Notes due 2015 and the solicitation of consents to the proposed amendments to the indenture governing the senior notes. The tender offer and consent solicitation was conditioned upon, among other things, receipt of consents to the proposed amendments from holders of a majority of the outstanding senior notes. As of the expiration of the tender offer, $10,717,000 aggregate principal amount of senior notes and related consents had been validly tendered pursuant to the tender offer. Accordingly, as of the expiration of the tender offer, the condition had not been satisfied and Novelis will not accept any tendered notes for payment. All senior notes tendered pursuant to the tender offer will be returned promptly to the holders, and the indenture governing the senior notes will not be amended.
Novelis also announced today the extension of the expiration date of its previously announced change of control offer to 5:00 p.m., New York City time, on June 27, 2007. The original change of control offer expiration date was 8:00 a.m., New York City time, on June 15, 2007. As of the original change of control offer expiration date, $60,000 aggregate principal amount of senior notes had been validly tendered pursuant to the change of control offer. All senior notes validly tendered pursuant to the change of control offer prior to the extended expiration date will be entitled to receive the offer consideration of $1,010 per $1,000 principal amount of senior notes.
Other than as set forth herein, the change of control offer as described in the Offer to Purchase and Consent Solicitation Statement dated May 16, 2007, remains unchanged.
UBS Investment Bank and ABN AMRO Incorporated are acting as dealer managers in connection with the change of control offer. Questions about the change of control offer may be directed to the Liability Management Group of UBS Investment Bank at (888) 722-9555 ext. 4210 (toll free) or (203) 719-4210 (collect) and to Robert Silverschotz at ABN AMRO Incorporated at (212) 409-6862. Requests for documentation should be directed to Global Bondholder Services Corporation, the information agent in connection with the change of control offer, at (212) 430-3774 or (866) 807-2200 (toll free). The depositary for the change of control offer is The Bank of New York Trust Company, N.A.
This news release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell securities. No recommendation is made as to whether or not holders of senior notes should tender their securities pursuant to the change of control offer.
About Novelis
Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The company operates in 11 countries, has approximately 12,900 employees and reported revenue of $9.8 billion in 2006. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial and printing markets throughout Asia, Europe, North America and South America. For more information, visit www.novelis.com. Novelis is a subsidiary of Hindalco Industries Limited, Asia's largest integrated producer of aluminum and a leading copper producer. Hindalco is the flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India.
Statements made in this news release which describe Novelis' intentions, expectations or predictions may be forward-looking statements within the meaning of securities laws. Examples of forward-looking statements in this news release include those related to Novelis' expectations or predictions related to the future acquisition of the senior notes through redemption, open market purchases, privately negotiated transactions, tender offers, exchange offers or otherwise, upon such terms and for such consideration as Novelis or its affiliates may determine. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty. Novelis does not intend, and disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Important risk factors which could impact Novelis are included under the caption “Risk Factors” in Novelis' Annual Report on Form 10-K for the year ended December 31, 2006, as amended and filed with the SEC, and are specifically incorporated by reference into this news release.
Media Contact:
Charles Belbin
+1 404 814 4260 (office)
+1 404 803 2588 (mobile)
charles.belbin@novelis.com