March 14 -- Noranda Aluminum Holding Corp cut its initial public offering size and price, the producer of primary aluminum products said on Thursday.
In a regulatory filing, Noranda said it now expects to offer 10 million shares priced between $8 and $9 each, down from its earlier plan to offer 16.7 million shares at $14 to $16 per share.
The Franklin, Tennessee-based company now expects net proceeds of roughly $75 million, assuming a per-share price of $8.50.
It had earlier expected proceeds of about $230 million.
Noranda said it would use proceeds from the offering to repay debt.
Apollo Management [APOLO.UL] and affiliates hold about about 80 percent of Noranda, according to the filing.
The underwriters to the offering are led by Merrill Lynch, Pierce, Fenner & Smith Inc.
Noranda said its stock would trade on the New York Stock Exchange under the symbol "NOR."