Spanish Fund for Supporting Strategic Companies Approves €34.5 Million Financing
February 15 2022 - 9:15AM
Ferroglobe PLC (NASDAQ: GSM) (the “Company”) is pleased to announce
that Spanish Fund for supporting strategic companies, on a proposal
of Sociedad Estatal de Participaciones Industriales (“SEPI”), a
Spanish state-owned industrial holding company affiliated with
the Ministry of Finance and Administration, has approved
€34.5 million in loans to Spanish companies Grupo Ferroatlántica,
S.A.U. and Grupo Ferroátlantica de Servicios, S.A.U. (together, the
“Beneficiaries”), wholly owned subsidiaries of the Company. In the
coming days it will be submitted to the Council of Ministers for
authorisation. These loans are part of the SEPI fund
intended to provide assistance to non-financial companies operating
in strategically important sectors within Spain in the wake of the
COVID-19 pandemic.
The €34.5M has been funded using a dual-tranche
loan, with €17.25M maturing in February 2025 and €17.25M maturing
in June 2025. €16.9M of the loan carries a fixed interest rate of
2% per annum, and interest on the remaining €17.6M is calculated as
IBOR plus a spread of 2.5% in the first year, 3.5% in the second
and third years and 5.0% in the fourth year, plus an additional
1.0% payable if the result before taxes of the Beneficiaries is
positive. The loans are guaranteed by the Company and certain of
its subsidiaries. Funding of the loans is expected around the end
of the first quarter 2022.
Beatriz García-Cos, Ferroglobe’s Chief Financial
Officer, commented, “We thank SEPI and the Spanish Government for
recognizing the strategic importance of the critical products we
produce and the socio-economic impact of our operations throughout
Spain in their decision to grant this loan. This funding will help
drive important initiatives aimed at bolstering the competitiveness
of our asset portfolio in Spain as we and the country recover from
the pandemic.”
About Ferroglobe
Ferroglobe PLC is one of the world’s leading
suppliers of silicon metal, silicon- and manganese- based specialty
alloys and ferroalloys, serving a customer base across the globe in
dynamic and fast-growing end markets, such as solar, electronics,
automotive, consumer products, construction and energy. The
Company is based in London. For more information, visit
http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains “forward-looking
statements” within the meaning of U.S. securities laws.
Forward-looking statements are not historical facts but are based
on certain assumptions of management and describe Ferroglobe’s
future plans, strategies and expectations. Forward-looking
statements often use forward-looking terminology, including words
such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“forecast”, “guidance”, “intends”, “likely”, “may”, “plan”,
“potential”, “predicts”, “seek”, “will” and words of similar
meaning or the negative thereof.
Forward-looking statements contained in this
press release are based on information currently available to
Ferroglobe and assumptions that management believe to be
reasonable, but are inherently uncertain. As a result, Ferroglobe’s
actual results, performance or achievements may differ materially
from those expressed or implied by these forward-looking
statements, which are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors
that are, in some cases, beyond Ferroglobe’s control.
Forward-looking financial information and other
metrics presented herein represent Ferroglobe’s goals and are not
intended as guidance or projections for the periods referenced
herein or any future periods.
All information in this press release is as of
the date of its release. Ferroglobe does not undertake any
obligation to update publicly any of the forward-looking statements
contained herein to reflect new information, events or
circumstances arising after the date of this press release. You
should not place undue reliance on any forward-looking statements,
which are made only as of the date of this press release.
INVESTOR CONTACT:
Gaurav MehtaExecutive Vice President - Investor
Relationsinvestor.relations@ferroglobe.com
MEDIA CONTACT:
Cristina Feliu RoigExecutive Director – Communications, Branding
& Public Affairscorporate.comms@ferroglobe.com
Source: Ferroglobe PLC
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