Century Aluminum Company (NASDAQ: CENX) today announced that it has listed its global depositary receipts on the First North Iceland market. The company expects to be approved for listing on the main market of the OMX Nordic Exchange in Iceland at a later date. Century is the first American company to list its stock in Iceland.
On June 13, 2007, Century announced the closing of its public offering of 7,250,000 shares of common stock at a public offering price of $52.50 per share. Approximately 1.65 million shares of common stock sold in the offering were sold to institutional investors in Iceland by way of global depositary receipts. The global depositary receipts have been accepted for trading on the First North Iceland market of the OMX Nordic Exchange.
Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. Incorporated served as global coordinators for the offering. Kaupthing Bank hf., Kaupthing Securities, Inc. and Landsbanki Islands hf. acted as co-managers.
The Company expects to use the net proceeds of the offering as part of the financing for the construction of its proposed new aluminum smelter near Helguvik, Iceland. Pending the commencement of major construction activities for this project, the Company intends to apply the net proceeds from the offering to debt reduction, investment in highly rated short-term securities and other corporate purposes.
"We are proud to be the first American company to list our stock in Iceland," said Logan W. Kruger, President and Chief Executive Officer. "We are gratified by the positive response to our offering by Iceland's investment community and believe that our listing in Iceland will only serve to enhance our close ties with Iceland's people and institutions."
Century Aluminum Company owns primary aluminum capacity in the United States and Iceland, as well as an ownership interest in alumina and bauxite assets in the United States and Jamaica. Century's corporate offices are located in Monterey, California.
This press release may contain "forward-looking statements" within the meaning of U.S. federal securities laws. The company has based its forward-looking statements on current expectations and projections about the future; however, these statements are subject to risks, uncertainties and assumptions, any of which could cause the company's actual results to differ materially from those expressed in its forward-looking statements. More information about these risks, uncertainties and assumptions can be found in the risk factors and forward-looking statements cautionary language contained in the company's Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission. The company does not undertake, and specifically disclaims, any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such forward-looking statements are made.