Novelis borrows $220 million incremental term loan

By Sara Rosenberg

New York, March 19 - Novelis Inc. borrowed $220 million under an incremental term loan, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Proceeds were used to repurchase $275 million of the company's 7.25% senior notes due 2015.

The borrowing was made on March 17.

Novelis is an Atlanta-based aluminum rolling and recycling company.

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