Noranda has to pay up to redeem 2015 notes

Noranda Aluminum has priced the offering of unsecured notes it announced last month, although executives are having to be content with selling just $175 million instead of the $225 million they had aimed for. To make up for that, the company has increased the size of a new term loan it wants to $110 million from $60 million. On top of that, the rate that the new 2019 debt will carry is 11 percent, more than double that of the floating-rate notes it is replacing. Shares of Noranda (Ticker: NOR) dove below $5 last week and are now changing hands at record lows.