Ferroglobe Announces the Giving of Notice of Redemption of 9.0% Senior Secured Notes Due 2025
July 11 2022 - 9:15AM
Ferroglobe PLC (the “Parent” or “Ferroglobe”) and Ferroglobe
Finance Company, PLC (the “Issuer”) today announce the giving of a
notice of redemption of all of the 9.0% Senior Secured Notes
due 2025 issued by the Issuer (the “Notes”) at 100% of the
principal amount thereof plus accrued interest. On the date
hereof, $60 million in aggregate principal amount was
outstanding. The redemption date is expected to be July 21,
2022.
The Notes are expected to be redeemed with cash
on the balance sheet.
Beatriz Garcia-Cos, the Chief Financial Officer
of Ferroglobe commented, “Over the past few months we highlighted
our expectation of an acceleration in cash flow generation,
enabling us the opportunity to significantly decrease our gross
debt. The redemption of the 9% senior notes is the natural place to
begin deleveraging since we can redeem these bonds at par.” Mrs.
Garcia-Cos continued, “As part of our gross debt deleveraging, we
also purchased $19 million of our 9.375% notes in the open market
during early June. Collectively, our higher cost gross debt will be
reduced by $79 million as a result of these two transactions.”
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 Issuers’ 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
Issuers and assumptions that management believe to be reasonable
but are inherently uncertain. As a result, Issuers’ 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.
All information in this press release is as of
the date of its release. Issuers do 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 Mehta
Executive Vice President - Investor
Relations
investor.relations@ferroglobe.com
MEDIA CONTACT:
Cristina Feliu Roig
Executive Director – Communications, Branding
& Public Affairs
corporate.comms@ferroglobe.com
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