Kaiser Aluminum issues $175 million of 4.5% Cash Convertible Senior Notes in private placement

Client(s) Kaiser Aluminum Corporation

Jones Day advised Kaiser Aluminum Corporation, a producer of fabricated aluminum products, in connection with its issuance of $175 million of 4.5% Cash Convertible Senior Notes due 2015 in a private placement, initial purchasers J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Securities, LLC.

In connection with the transaction, Kaiser Aluminum also entered into convertible note hedge transactions and warrant transactions with the initial purchasers and/or their affiliates. The convertible note hedge transactions are expected to increase the effective conversion price of the convertible notes and reduce Kaiser Aluminum's exposure to cash payments upon conversion of the convertible notes.