AMG Advanced Metallurgical Group N.V. Completes Issuance of $550 Million of Credit Facilities
November 30 2021 - 4:00PM
Amsterdam, 30
November
2021 --- AMG
Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM:
"AMG") is pleased to announce that it has entered into a new $350
million 7-year senior secured term loan B facility ("term loan")
and a $200 million 5-year senior secured revolving credit facility
("revolver"). The total facility amount of $550 million replaces
AMG’s existing credit facility and extends our term loan maturity
from 2025 to 2028 and revolver maturity from 2023 to
2025. AMG will use the proceeds of the new term loan to
refinance its existing credit facility.
Further strengthening AMG’s commitment to
Environmental, Social and Governance ("ESG"), we have embedded
annual CO2 intensity reduction targets into the Revolving Credit
Facility, making it a Sustainability Linked Loan.
Moody's Investors Service ("Moody's") assigned a
Ba3 rating to the new senior secured credit facility, affirmed our
B2 corporate family rating and changed their outlook to positive
from stable. S&P Global Ratings assigned a BB- to
the new facility, affirmed our B+ issuer credit rating and revised
their outlook to stable from negative.
The refinancing was well received in the debt
markets, allowing AMG to secure attractive pricing while enhancing
liquidity, improving flexibility, and extending its debt maturity
profile.
HSBC Securities (USA) Inc. ("HSBC") acted as
sole bookrunner on the credit facilities. Joint lead arrangers were
HSBC, Citibank, N.A. ("Citi"), BofA Securities Inc. ("BofA") and
JPMorgan Chase Bank, N.A ("JPM"). Fifth Third Bank,
National Association and ABN AMRO Securities (USA) LLC acted as
co-managers. HSBC and ABN AMRO Bank N.V. acted as Joint
Sustainability Coordinators.
Dr. Heinz Schimmelbusch, Chief Executive Officer
of AMG, stated, “We want to thank our joint lead arrangers HSBC,
Citi, BofA and JPM for their efficient work. The new long-term
facility represents one very important building block in the
execution of our stated target to increase EBITDA to $350 million,
or more, in 5 years, or less. We are also happy to have a
Sustainability Linked Loan. AMG is deeply invested in the subject
of ESG, and is dedicated to producing critical materials in a
sustainable and responsible manner. AMG was built to be a global
leader in critical materials which are vital to the transition to
clean energy and energy saving strategies.”
About AMG
AMG is a global critical materials company at
the forefront of CO2 reduction trends. AMG produces highly
engineered specialty metals and mineral products and provides
related vacuum furnace systems and services to the transportation,
infrastructure, energy, and specialty metals & chemicals end
markets.
AMG Clean Energy Materials segment combines
AMG’s recycling and mining operations, producing materials for
infrastructure and energy storage solutions while reducing the CO2
footprint of both suppliers and customers. AMG Clean Energy
Materials segment spans the vanadium, lithium, and tantalum value
chains. AMG Critical Materials Technologies segment combines AMG’s
leading vacuum furnace technology line with high-purity materials
serving global leaders in the aerospace sector. AMG Critical
Minerals segment consists of AMG’s mineral processing operations in
antimony, graphite, and silicon metal.
With approximately 3,000 employees, AMG operates
globally with production facilities in Germany, the United Kingdom,
France, the United States, China, Mexico, Brazil, India, Sri Lanka,
and Mozambique, and has sales and customer service offices in
Russia and Japan (www.amg-nv.com).
For further information, please
contact:AMG Advanced
Metallurgical Group
N.V. +1
610 975
4979Michele
Fischermfischer@amg-nv.com
Disclaimer
Certain statements in this press release are not
historical facts and are “forward looking”. Forward looking
statements include statements concerning AMG’s plans, expectations,
projections, objectives, targets, goals, strategies, future events,
future revenues or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG’s
competitive strengths and weaknesses, plans or goals relating to
forecasted production, reserves, financial position and future
operations and development, AMG’s business strategy and the trends
AMG anticipates in the industries and the political and legal
environment in which it operates and other information that is not
historical information. When used in this press release, the words
“expects,” “believes,” “anticipates,” “plans,” “may,” “will,”
“should,” and similar expressions, and the negatives thereof, are
intended to identify forward looking statements. By their very
nature, forward looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that the
predictions, forecasts, projections and other forward looking
statements will not be achieved. These forward looking statements
speak only as of the date of this press release. AMG expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward looking statement contained
herein to reflect any change in AMG's expectations with regard
thereto or any change in events, conditions, or circumstances on
which any forward looking statement is based.
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