Ferroglobe Amends its Revolving Credit Facility
- reduces the aggregate amount of revolving commitments under the RCF from
$200 million to $150 million;
- reduces the minimum unrestricted cash required to be maintained by the Company at all times to
- adds a requirement for the Company to maintain, at all times, an aggregate amount of restricted cash equal to (i) the amount outstanding under the RCF at any time minus (ii)
$100 million, in a blocked deposit account, which shall be in addition to the minimum cash requirement above;
- provides that any breach of the financial covenants requiring the Company to maintain a maximum net total leverage ratio or a minimum interest coverage ratio as of the end of the fiscal quarter ending
September 30, 2019shall not constitute an event of default under the RCF until October 30, 2019; and
- imposes additional requirements for the Company to deliver certain information and documentation to the RCF lenders.
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
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.
EVP – Investor Relations
Source: Ferroglobe PLC