Ferroglobe Announces Occurence of “Transaction Effective Date” Under Lock-Up Agreement Dated March 27, 2021 and Completion of Refinancing Transactions
As part of the transaction:
- the Parent has received
$40 millionin aggregate gross proceeds from the issuance of ordinary shares to Rubric Capital Management LPon behalf of certain managed or sub-managed funds and accounts and Grupo Villar Mir, S.A.U., as detailed in the Parent’s release on June 18, 2021;
- the Issuers have completed the exchange of 98.588% of the 9⅜% Senior Notes due 2022 (the “Old Notes”) issued by the Parent and Globe for a total consideration per
$1,000principal amount of Old Notes comprising (i) $1,000aggregate principal amount of new 9⅜% senior secured notes due 2025 to be issued by the Issuers (the “New Notes”) plus (ii) a cash fee, which the Parent will, at the direction of the qualifying noteholders (which direction shall be deemed to be given by such qualifying noteholders exchanging their Old Notes for the New Notes), apply as cash consideration for a subscription of new ordinary shares of the Parent, as detailed in the Parent’s releases on June 23and 29 and July 8and 22, 2021; and
UKIssuer has issued $60 millionin aggregate proceeds of new 9% senior secured notes due 2025 (the “Super Senior Notes”), as detailed in the Parent’s releases on May 13, June 23and 29 and July 8and 22, 2021.
The New Notes and the New Notes guarantees and the Super Senior Notes and the Super Senior Notes guarantees have not been, and will not be, registered under the
This release contains “forward-looking statements” within the meaning of
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.
This press release is not an offer to sell or a solicitation of an offer to buy or exchange or acquire securities in
Executive Vice President - Investor Relations
Executive Director – Communications & Public Affairs
Source: Ferroglobe PLC