Ferroglobe calls $150 million of 9 3/8% secured notes due 2025

By Mary-Katherine Stinson

Lexington, Ky., July 21 – Ferroglobe plc announced that its subsidiary issuers will redeem $150 million of their 9 3/8% senior secured notes due 2025, according to a 6-K filing with the Securities and Exchange Commission.

The notes will be redeemed at 102.34375 plus accrued interest of approximately $14 million on July 31.

The company expects to use cash for the redemption.

“This transaction reduces our outstanding senior secured notes balance by half to approximately $150 million, providing the company with more financial flexibility going forward while saving nearly $15 million in annual interest expense. Following completion of this transaction, Ferroglobe will have paid down more than $200 million of its senior secured notes since the end of March 2022 and reduced gross debt to less than $250 million,” chief financial officer Beatriz Garcia-Cos said in the press release.

Ferroglobe is a London-based supplier of silicon metal, silicon-based specialty alloys and ferroalloys.

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