Company: CENX
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050200
Chunk: 48

Company: CENTURY ALUMINUM CO
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 The 2032 Notes bear interest semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026, at a rate of 6.875% in cash. The 2032 Notes are senior secured obligations of Century, ranking equally in right of payment with all of the Company’s existing and future senior indebtedness, effectively senior to all of the Company’s unsecured indebtedness to the extent of the value of the collateral and senior to all of the Company’s existing and future subordinated indebtedness.As of September 30, 2025, the total estimated fair value of the 2032 Notes was $415.6 million. Although we use quoted market prices for identical debt instruments, the markets on which they trade are not considered to be active and are therefore considered Level 2 fair value measurements.7.5% Senior Secured Notes due 2028On July 22, 2025, we determined that all conditions precedent to the redemption (the “Redemption”) of our 2028 Notes pursuant to its Conditional Notice of Full Redemption issued on July 21, 2025 had been satisfied. Accordingly, the 2028 Notes were redeemed on August 5, 2025, at an aggregate redemption price of $261.1 million, consisting of 101.875% of the principal due and payable on the 2028 Notes plus accrued and unpaid interest to but excluding the August 5, 2025, redemption date. In connection with the Redemption, effective July 22, 2025, the Company satisfied and discharged all its obligations under and in accordance with the terms of the indenture governing the 2028 Notes.Based on the characteristics of the 2028 Notes and the 2032 Notes that were issued, the redemption of the 2028 Notes were accounted for as an extinguishment. Accordingly, we have recorded a $6.2 million loss on early extinguishment of debt, consisting of early redemption premiums of $4.7 million and a write-off of deferred financing costs associated with the 2028 Notes of $1.5 million.2.75% Convertible Notes due 2028In April 2021, we completed a private offering of $86.3 million aggregate principal amount of convertible senior notes due May 1, 2028 unless earlier converted, repurchased, or redeemed (the "Convertible Notes"). The Convertible Notes were issued at a price of