Ferroglobe Completes the Sale of Spanish Hydro Facilities and One Ferroalloys Plant to TPG Sixth Street Partners
Total transaction value of €170 million
The transaction, valued at €170 million, provides gross proceeds of €156.4 million to the Company, after agreed adjustments (cash flow from the operations in 2019, working capital and net debt). The proceeds will be used to repay €57 million of existing indebtedness at FerroAtlántica and related transaction fees, with the remaining €100 million (
Following this transaction, the Company’s pro forma cash on hand at
Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys, and other 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.
About TPG Sixth Street Partners
TPG Sixth Street Partners is a global finance and investment business with over $31 billion in assets under management. Co-founded in 2009 by Managing Partner Alan Waxman and its management team, the firm’s long-term oriented, highly flexible capital base allows it to invest across industries, geographies, capital structures and asset classes. TPG Sixth Street focuses on partnering with businesses and management teams to create fully committed financing solutions. The firm also makes investments in both private and public companies and assets. TPG Sixth Street is in a strategic partnership with TPG, the global alternative asset firm. For more information, visit www.tssp.com.
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 the Company’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 the Company 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 the Company’s control.
Forward-looking financial information and other metrics presented herein represent the Company’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.
EVP – Investor Relations
Source: Ferroglobe PLC