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News Apr 25, 2014

Shearman & Sterling Advises Initial Purchasers in Wise Metals Intermediate Holdings LLC and Wise Holdings Finance Corporation’s $150 Million Notes Offering

Shearman & Sterling advised the initial purchasers, led by Merrill Lynch, Pierce, Fenner & Smith Incorporated, and with Houlihan Lokey Capital, Inc., as joint bookrunning managers, in connection with the private placement by Wise Metals Intermediate Holdings LLC (“Wise Intermediate”) and Wise Holdings Finance Corporation of $150 million aggregate principal amount of their 9.75%/10.5% Senior PIK Toggle Notes due 2019. A substantial portion of the net proceeds from the notes offering will be used to fund a dividend distribution to, or repurchase of equity interests of, equity holders of Wise Metals Holdings LLC (“Wise Group”), the direct parent of Wise Intermediate, and the remainder will be used for general corporate purposes, including the repayment of $22.5 million of outstanding indebtedness under an asset-based revolving credit facility of Wise Alloys LLC, the company’s subsidiary.

Wise Group, together with its subsidiaries, is the third largest producer of aluminum beverage can sheet in North America, according to JAS Consulting, serving some of the largest brewers and soft drink bottlers in North America and shipping to the largest North American can manufacturers.

The following Shearman & Sterling lawyers advised the initial purchasers in this transaction: partners Kristen Garry (Washington, DC-Tax), counsel Jeff Salinger (New York-Environmental), and associates Lesley Janzen (New York-Capital Markets), Ana Aur (Toronto-Capital Markets), Elizabeth Fluke (New York-Corporate), Laura Mulry (New York-Environmental) and Tasha Matharu (New York-Compensation, Governance & ERISA).