Update on 6.875% senior notes due 2030 offering by Novelis Corporation

Offer size increases to $750 million

Novelis Inc. (a wholly owned subsidiary of Hindalco Industries) today announced that its indirect wholly owned subsidiary, Novelis Corporation, has priced an offering of $750 million aggregate principal amount of 6.875% senior notes due in January 2030 (Notes), which represents an increase of $250 million from the offering size previously announced. The Notes were priced at par value and will bear an interest rate of 6.875% per annum.

The Notes are being offered in a private offering that is exempt from registration under the Securities Act of 1933, as amended (Securities Act). The Notes will be guaranteed, jointly and severally, on a senior unsecured basis, by Novelis, and by certain of Novelis' subsidiaries. Novelis expects to close the offering of the Notes on 13 January 2025, subject to the satisfaction of customary closing conditions.

Novelis intends to use the net proceeds from the offering to repay $738 million of outstanding borrowings under its revolving credit facility and to use any remaining net proceeds to fund cash on its balance sheet for general corporate purposes.

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