Novelis Sells Debt in Biggest Junk Offer Since October

Bloomberg.com reports that Novelis Inc has sold  $2.5 billion of bonds, due to declining premium investor demand.

The story is quoted as saying:

Novelis, the Atlanta-based aluminum unit of India’s Hindalco Industries Ltd., issued $1.1 billion of 7-year debt that pays 572 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. A $1.4 billion portion of 10-year bonds yields 550 basis points more than the benchmarks, the data show.

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