Century Aluminum(US:CENX)2023-11-07 16:00Financial Position - As of September 30, 2023, the company had $212.6 million of net availability under its credit facilities after accounting for outstanding borrowings and letters of credit [226]. - The company has outstanding borrowings of $86.9 million under the Casthouse Facility, which is part of an eight-year Term Facility Agreement for up to $130.0 million [229]. - The company issued $250.0 million principal of senior secured notes in April 2021, maturing on April 1, 2028, with a 7.5% annual interest rate [231]. - The company has not issued any debt securities under the Universal Shelf Registration Statement as of September 30, 2023 [234]. - The company is in compliance with all covenants related to its credit facilities as of September 30, 2023 [228]. Pension Contributions - The company made contributions of $6.9 million to its defined benefit pension plans as of September 30, 2023, including $4.5 million during the three months ended September 30, 2023 [238]. Project Updates - The company expects to ship the first billets from the Grundartangi casthouse project in the first quarter of 2024, with the project fully funded through the Casthouse Facility [240]. Risk Management - The company has a market-based electrical power agreement that passed through costs at MISO energy pricing, which may impact profitability due to fluctuations in power prices [261]. - The company manages its exposure to fluctuations in aluminum prices through financial instruments designed to protect downside price risk [260]. - The company has entered into financial contracts to hedge risks associated with foreign currency fluctuations, particularly with the Euro and ISK [265].