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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt
11.    Debt
September 30, 2025December 31, 2024
Debt classified as current liabilities:
Hancock County industrial revenue bonds ("IRBs") due April 1, 2028, interest payable quarterly (variable interest rates (not to exceed 12%))(1)
$7.8 $7.8 
U.S. Revolving Credit Facility(2)
— 20.0 
Iceland Revolving Credit Facility(3)
16.5 34.0 
Grundartangi Casthouse Facility, net of financing fees of $1.5 million at September 30, 2025(4)
115.0 9.0 
Debt classified as non-current liabilities:
Grundartangi Casthouse Facility(4)
— 114.2 
Vlissingen Credit Facility(5)
— 10.0 
7.5% senior secured notes due April 1, 2028
— 248.1 
2.75% convertible senior notes due May 1, 2028, net of financing fees of $0.9 million at September 30, 2025, interest payable semiannually
85.4 85.1 
6.875% senior secured notes due August 1, 2032, net of financing fees of $6.1 million at September 30, 2025, interest payable semiannually
393.8 — 
Total$618.5 $528.2 
(1)The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The interest rate at September 30, 2025 was 3.02%.
(2)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2025 was 7.75%.
(3)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2025 was 7.66%.
(4)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2025 was 7.89%.
(5)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2025 was 7.83%.
6.875% Senior Secured Notes due 2032
In July 2025, we issued $400.0 million in aggregate principal amount of 6.875% of senior secured notes due August 1, 2032 (the "2032 Notes"). We received proceeds of $393.7 million after payment of certain financing fees and related expenses. The 2032 Notes bear interest semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026, at a rate of 6.875% in cash. The 2032 Notes are senior secured obligations of Century, ranking equally in right of payment with all of the Company’s existing and future senior indebtedness, effectively senior to all of the Company’s unsecured indebtedness to the extent of the value of the collateral and senior to all of the Company’s existing and future subordinated indebtedness.
As of September 30, 2025, the total estimated fair value of the 2032 Notes was $415.6 million. Although we use quoted market prices for identical debt instruments, the markets on which they trade are not considered to be active and are therefore considered Level 2 fair value measurements.
7.5% Senior Secured Notes due 2028
On July 22, 2025, we determined that all conditions precedent to the redemption (the “Redemption”) of our 2028 Notes pursuant to its Conditional Notice of Full Redemption issued on July 21, 2025 had been satisfied. Accordingly, the 2028 Notes were redeemed on August 5, 2025, at an aggregate redemption price of $261.1 million, consisting of 101.875% of the principal due and payable on the 2028 Notes plus accrued and unpaid interest to but excluding the August 5, 2025, redemption date. In connection with the Redemption, effective July 22, 2025, the Company satisfied and discharged all its obligations under and in accordance with the terms of the indenture governing the 2028 Notes.
Based on the characteristics of the 2028 Notes and the 2032 Notes that were issued, the redemption of the 2028 Notes were accounted for as an extinguishment. Accordingly, we have recorded a $6.2 million loss on early extinguishment of debt, consisting of early redemption premiums of $4.7 million and a write-off of deferred financing costs associated with the 2028 Notes of $1.5 million.
2.75% Convertible Notes due 2028
In April 2021, we completed a private offering of $86.3 million aggregate principal amount of convertible senior notes due May 1, 2028 unless earlier converted, repurchased, or redeemed (the "Convertible Notes"). The Convertible Notes were issued at a price of 100% of their aggregate principal amount. We received proceeds of $83.7 million, after payment of certain financing fees and related expenses. The Convertible Notes bear interest semi-annually in arrears on May 1 and November 1 of each year at a rate of 2.75% per annum in cash.
The initial conversion rate for the Convertible Notes is 53.3547 shares of the Company's common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $18.74 per share of the Company's common stock. The conversion rate and conversion price are subject to customary adjustments under certain circumstances in accordance with the terms of the indenture. As of September 30, 2025, the conversion rate remains unchanged.
The Convertible Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s senior secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.
As of September 30, 2025, the if-converted value of the Convertible Notes exceeded the outstanding principal amount by $48.9 million.
As of September 30, 2025, the total estimated fair value of the Convertible Notes was $140.7 million. Although we use quoted market prices for identical debt instruments, the markets on which they trade are not considered to be active and are therefore considered Level 2 fair value measurements.
U.S. Revolving Credit Facility
We and certain of our direct and indirect domestic subsidiaries have a senior secured revolving credit facility with a syndicate of lenders (as amended from time to time, the "U.S. revolving credit facility"). On June 14, 2022 we amended our U.S. revolving credit facility, increasing our borrowing capacity to $250.0 million in the aggregate, including up to $150.0 million under a letter of credit sub-facility. On July 22, 2025, we further amended the U.S. revolving credit facility to, among other items, extend the maturity date of the facility to July 22, 2030 and revise the calculation of Term SOFR Adjustment to 0.10% per annum for all interest periods.
Any letters of credit issued and outstanding under the U.S. revolving credit facility reduce our borrowing availability on a dollar-for-dollar basis. At September 30, 2025, there were no outstanding borrowings and $49.5 million of outstanding letters of credit issued under our U.S. revolving credit facility. Principal payments, if any, are due upon maturity of the U.S. revolving credit facility and may be prepaid without penalty.
Status of our U.S. revolving credit facility:September 30, 2025
Credit facility maximum amount$250.0 
Borrowing availability212.8 
Outstanding letters of credit issued49.5 
Outstanding borrowings— 
Borrowing availability, net of outstanding letters of credit and borrowings163.3 
Iceland Revolving Credit Facility
Our wholly-owned subsidiary, Nordural Grundartangi ehf ("Grundartangi"), entered into a revolving credit facility agreement with Landsbankinn hf., dated November 2013, as amended (the "Iceland revolving credit facility"), which originally provided for borrowings of up to $50.0 million in the aggregate. On February 4, 2022, we amended the Iceland revolving credit facility and increased the facility amount to $80.0 million. On September 28, 2022, we further amended the Iceland revolving credit facility and increased the facility amount to $100.0 million in the aggregate. Under the terms of the Iceland revolving credit facility, when Grundartangi borrows funds it will designate a repayment date, which may be any date prior to the maturity of the Iceland revolving credit facility. At September 30, 2025, there were $16.5 million outstanding borrowings under our Iceland revolving credit facility. The Iceland revolving credit facility matures in December 2026.
Status of our Iceland revolving credit facility:September 30, 2025
Credit facility maximum amount$100.0 
Borrowing availability100.0 
Outstanding letters of credit issued— 
Outstanding borrowings16.5 
Borrowing availability, net of borrowings83.5 
Grundartangi Casthouse Facility
On November 2, 2021, in connection with the casthouse project at Grundartangi, we entered into an eight-year Term Facility Agreement with Arion Bank hf, to provide for borrowings up to $130.0 million (the "Casthouse Facility"). Under the Casthouse Facility, repayments of principal amounts will be made in equal quarterly installments equal to 1.739% of the principal amount, the first payment occurring in July 2024, with the remaining 60% of the principal amount to be paid no later than the termination date in December 2029. As of September 30, 2025, there were $115.0 million in outstanding borrowings under the Casthouse Facility, which was classified as a current liability as we repaid all outstanding borrowings under the Casthouse Facility on October 27, 2025.
Vlissingen Credit Facility
On December 9, 2022, Vlissingen entered into a $90.0 million Facility Agreement with Glencore International AG, which was amended and extended on October 1, 2024 (as amended, the "Vlissingen Credit Facility"). The availability period for borrowings under the Vlissingen Credit Facility was extended by two years and now ends on December 2, 2026. Pursuant to the terms of the Vlissingen Credit Facility, Vlissingen may borrow from time to time up to $90.0 million in one or more loans at either (i) a fixed interest rate equal to 8.75% per annum (the "Fixed Rate"), or (ii) a variable interest rate equal to the 1-month SOFR rate plus 3.687 percentage points, subject to an absolute maximum level of 9.00% and an absolute minimum level of 7.00% (the "Variable Rate"). The Fixed Rate is only applicable to borrowings made on or before December 1, 2024, after which the Variable Rate shall apply to all borrowings under the Vlissingen Credit Facility. On August 1, 2025, we repaid all outstanding borrowings under the Vlissingen Credit Facility.
Hancock County Industrial Revenue Bonds
As part of the purchase price for our acquisition of the Hawesville facility, we assumed IRBs which were issued in connection with the financing of certain solid waste disposal facilities constructed at the Hawesville facility. The IRBs bear interest at a variable rate not to exceed 12% per annum determined weekly based upon prevailing rates for similar bonds in the industrial revenue bond market and interest on the IRBs is paid quarterly. The IRBs are secured by a letter of credit issued under our U.S. revolving credit facility and mature in April 2028.
Surety Bond Facility
As part of our normal business operations, we are required to provide surety bonds or issue letters of credit in certain states in which we do business as collateral for certain workers' compensation obligations. In June 2022, we entered into a surety bond facility with an insurance company to provide such bonds when applicable. As of September 30, 2025, we had issued surety bonds totaling $6.6 million.
Covenant Compliance
As of September 30, 2025, we and our subsidiaries were in compliance with financial covenants or maintained availability above applicable covenant triggers.