Novelis Inc.: debt financing — Novelis closes $1.25B term loan refinancing; new facility matures 2032

Novelis Inc.

Borrowed $1.25B in full on March 11, 2025 under new Term Loan Credit Agreement.
Proceeds used to repay existing 2017 term loan, plus general corporate purposes and expenses.
New term loan matures March 11, 2032, with 0.25% quarterly amortization; interest at base+1% or SOFR+2%.
No financial maintenance covenant; cross-default trigger at $100M and customary negative covenants.
Also amended ABL Facility for additional operational flexibility and released Parent restrictions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Novelis Inc. incurred term loan of $1,250,000,000 with Citibank, N.A. at one, three or six-month Term SOFR, as applicable, plus 2.00% maturing March 11, 2032.

Instrument: term loan
Principal: $1,250,000,000
Counterparty: Citibank, N.A.
Rate: one, three or six-month Term SOFR, as applicable, plus 2.00%
Maturity: March 11, 2032
Event: incurrence

Exact text from the filing

On March 11, 2025, Novelis Inc. (the "Company") entered into a credit agreement (the "Term Loan Credit Agreement") by and among Novelis Holdings Inc., as borrower, Novelis Inc. and the other guarantors party thereto, the lenders party thereto, and Citibank, N.A., as administrative agent and collateral agent (the "Agent"). The Term Loan Credit Agreement provided the Company with $1,250,000,000 of commitments, which the Company borrowed in full (such borrowing, the "Term Loan") on March 11, 2025.

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Source: SEC EDGAR

accession 0001304280-25-000016

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