Imco pursues new debt to pay off old debt

Nov 02, 2004 | 10:30 AM | Paul Schaffer

Imco Recycling Inc., soon to merge into Aleris International Inc., expects to obtain a 9-percent interest rate on $125 million in senior notes when the deal is closed Thursday.

The terms of the deal allow for the possibility that Aleris will issue some new equity before the end of 2007. If so, up to 35 percent of the senior notes can be redeemed using money from the stock sale.....

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