ATLANTA-Southwire Co., a locally based wire and cable manufacturer and a supplier to major commercial real estate projects, has sold its Hawesville, KY facility to Century Aluminum Co. of Monterey, CA for $450 million.
The acquisition agreement calls for a seven-year senior secured first mortgage note with a coupon of 11.75%, a $100 million revolving credit line with Fleet Capital, Inc. and the purchase by Glencore of Switzerland of $25 million of convertible preferred shares in Century into common stock at $17.92 a share.
The Hawesville plant employs 800 with a production capacity of 237,000 annual metric tons of mostly high purity aluminum, according to the company's prepared statement.
The Carollton, GA firm will continue to operate a nearby mill that produces aluminum rod and cable. Century will supply that plant with molten, high-purity aluminum under a long-term contract.
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