New York, August 17, 2016 -- Moody's Investors Service said that Novelis Corporation's (a wholly-owned subsidiary of Novelis Inc. -- "Novelis") issuance of $1.15 billion of senior unsecured notes due 2024, increased from an originally planned amount of $525 million, has no impact on its B2 senior unsecured rating or outlook nor on the ratings (CFR B1) or outlook for Novelis. Proceeds will be used to tender for all of Novelis' existing $1.1 billion 2017 senior unsecured notes. The notes have a downstream guarantee from Novelis and are guaranteed by all of Novelis' existing and future restricted subsidiaries in the US and Canada and by certain of its foreign restricted subsidiaries. Consequently the notes rank pari-passu with senior unsecured debt at Novelis.

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