CLOSING OF $100 MILLION ASSET-BASED REVOLVING CREDIT
LONDON, Jul. 5, 2022 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:
GSM) (“Ferroglobe” or the “Company”) announces the closing of a
new, five-year $100 million North American asset-based revolving
credit facility (the “ABL Revolver”), involving Ferroglobe’s
subsidiary, Globe Specialty Metals, Inc. (“Globe”), and its wholly
owned North American subsidiaries, as borrowers, and Bank of
Montreal (“BMO”), as lender and agent, on June 30, 2022.
At closing, there was no drawing under the ABL Revolver.
Going forward, potential drawings under the ABL Revolver will
be used for general corporate purposes.
The ABL Revolver is subject to a borrowing base comprising North
American inventory and accounts receivable of Globe (and certain of
its subsidiaries) and bears interest of SOFR plus a spread of
150-175 basis points depending on the level of utilization.
Beatriz Garcia-Cos, Ferroglobe’s Chief Financial Officer commented,
“The addition of the ABL Revolver marks an important step in our
overall strategy to bolster the company’s balance sheet and
liquidity. The covenant lite nature of the new facility
provides the company the necessary flexibility to execute its
near-term plan and the cost of the ABL reaffirms the Company’s
strengthening credit profile. We thank BMO for their commitment to
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, automotive, consumer
products, construction and energy. The Company is based in
London. For more information, visit
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
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“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
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.