Century Aluminum Company announced a proposed offering of $250 million aggregate principal amount of senior secured notes due 2021. The company also announced that it has commenced a cash tender offer for any and all of its $249,603,550 outstanding principal amount of 8% Senior Secured Notes due 2014. It intends to use all net proceeds from the sale of the 2021 Notes to repay all of its 2014 Notes. As the offering is a private placement, the 2021 Notes will be offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.

Century Aluminum Co. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income allocated to common shareholders was $7,567,000 or $0.09 basic and diluted earnings per share on net sales of $321,274,000 against net loss allocated to common shareholders of $4,401,000 or $0.05 diluted loss per share on net sales of $326,190,000 a year ago. Operating income was $187,000 and income before income taxes and equity in earnings of joint ventures was $9,819,000 against operating income of $8,412,000 and loss before income taxes and equity in earnings of joint ventures of $2,221,000 a year ago. Income before equity in earnings of joint ventures was $7,302,000 against loss before equity in earnings of joint ventures of $5,042,000 a year ago. Net cash provided by operating activities was $22,401,000 and purchase of property, plant and equipment was $9,364,000 against net cash provided by operating activities of $4,898,000 and purchase of property, plant and equipment of $2,899,000 a year ago. Financial results were positively impacted by a litigation reserve adjustment of $2.2 million and an unrealized gain of $15.7 million related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2.2 million related to corporate headquarters relocation. CapEx for the quarter was $9 million. This includes $7 million for Grundartangi of which $6 million related to the expansion project.

Century Aluminum Co., Q1 2013 Earnings Call, Apr 25, 2013