Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers F > Headlines for Ferroglobe plc > News item |
Ferroglobe obtains new $100 million five-year asset-based revolver
By Wendy Van Sickle
Columbus, Ohio, July 5 – Ferroglobe plc closed a new $100 million five-year North American asset-based revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.
Subsidiary Globe Specialty Metals, Inc. is the borrower, and Bank of Montreal is the agent.
At closing, no borrowings were drawn on the revolver.
Future borrowings may be used for general corporate purposes and will bear interest at SOFR plus a spread ranging from 150 basis points to 175 bps, depending on the level of utilization.
“The addition of the ABL revolver marks an important step in our overall strategy to bolster the company’s balance sheet and liquidity,” Beatriz Garcia-Cos, Ferroglobe’s chief financial officer, said in the release.
“The covenant lite nature of the new facility provides the company the necessary flexibility to execute its near-term plan, and the cost of the ABL reaffirms the company’s strengthening credit profile.”
Ferroglobe is a London-based supplier of silicon metal, silicon-based specialty alloys and ferroalloys.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.