Ferroglobe Announces Closing of $100 million Asset-Based Revolving Credit Facility
July 05 2022 - 5:16PM
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.”
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, 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
Ferroglobe (NASDAQ:GSM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ferroglobe (NASDAQ:GSM)
Historical Stock Chart
From Jul 2023 to Jul 2024