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Ferroglobe solicits consents for 9 3/8% senior notes due 2022
Chicago, April 28 – Ferroglobe plc has started a consent solicitation for its $350 million outstanding 9 3/8% senior notes due 2022 (Cusips: G33858AA2, 315419AA9), according to a notice.
The consent solicitation will expire at 5 p.m. ET on May 4.
As previously reported, the company announced that it reached an agreement in principle on the terms of a financing proposal relating to a $100 million capital raise, consisting of issuances of new debt and equity, and a three-year extension of its 9 3/8% senior notes due 2022.
On March 27, the company entered into a lock-up agreement with members of an informal group of noteholders representing in aggregate about 60% of the 2022 senior notes and Tyrus Capital as backstop provider in respect of a $40 million equity raise forming part of the transaction.
The lock-up effective date under the agreement is March 28.
Consent solicitation
The company is seeking consents to allow a group organization where the company would transfer substantially all its assets to Ferroglobe Holding Co. (HoldCo), a direct subsidiary which will guarantee the notes.
The indenture currently requires that HoldCo would become an issuer under such an arrangement, that no default or event of default shall have occurred and be continuing immediately after giving effect to the reorganization and that the company satisfy a fixed-charge coverage ratio and deliver an officer’s certificate and opinion of counsel in connection with the reorganization. The company is seeking consents to waive all of these requirements.
Details
The record date for noteholders is 5 p.m. ET on April 27.
D.F. King & Co., Inc. is the information and tabulation agent (866 530-8623, 212 269-5550, ferroglobe@dfking.com).
No fees or commissions will be paid to any broker, dealer or other person in connection with the consent solicitation other than expenses and customary fees for services in connection with the consent solicitation.
Ferroglobe is a London-based supplier of silicon metal, silicon-based specialty alloys and ferroalloys.
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