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Kaiser Aluminum & Chemical Corporation Prices 144A Offering of $50 Million Of 10-7/8% Series C Senior Notes

HOUSTON, Dec. 19 /PRNewswire/ -- Kaiser Aluminum & Chemical Corporation (KACC), the operating subsidiary of Kaiser Aluminum Corporation (KAC), announced that it has priced a Rule 144A offering of $50 million principal amount of 10-7/8% Series C Senior Notes due 2006 at 103.5% of their principal amount to yield approximately 10.3% to maturity. The notes are not callable before October 15, 2001.

KACC expects to close the sale of the notes on December 23, 1996 and to use the net proceeds of the offering for working capital and other general corporate purposes, including capital projects.

The Senior Notes will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

KACC is one of the world's leading producers of alumina, primary aluminum, and semi-fabricated aluminum products, and is a major supplier of alumina and primary aluminum in the domestic and international markets. It is a wholly owned subsidiary of KAC (NYSE: KLU). MAXXAM Inc. (ASE: MXM) holds approximately 62 percent of KAC on a fully diluted basis.

SOURCE Kaiser Aluminum & Chemical Corporation
 -0- 12/19/96


/CONTACT: Public Relations: Bryan Oakley, 713-267-0023, or Investor Relations: Scott Lamb, 713-267-3826/

(KLU MXM)

CO: Kaiser Aluminum & Chemical Corporation ST: Texas IN: OIL SU: OFR

DM-JC -- LATH036 -- 9236 12/19/96 09:09 EST http://www.prnewswire.com
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Date:Dec 19, 1996
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