Kaiser Aluminum Executes Definitive Loan Agreement for $300 Million Debtor in Possession Financing From Bank of America

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Company Expects DIP Line and Existing Liquidity to Provide Ample Liquidity to Meet Operating Needs During Restructuring
HOUSTON--(BUSINESS WIRE)--Feb. 12, 2002-- Kaiser Aluminum Corporation (NYSE:KLU), which filed for Chapter 11 protection earlier today, announced that it has executed a definitive loan agreement with Bank of America for $300 million in DIP Financing, subject to Bankruptcy Court Approval. The DIP financing, in combination with the company's current invested cash, should provide sufficient liquidity to meet its ongoing operating needs. Kaiser's production and shipment of bauxite, alumina, primary aluminum products and fabricated aluminum products will continue without interruption. 

Kaiser Aluminum is a leading producer of alumina, primary aluminum and fabricated aluminum products.