Globe Specialty amends and restates $90 million three-year revolver

By Jennifer Chiou

New York, April 5 - Globe Specialty Metals, Inc. and some of its domestic subsidiaries entered into an amended and restated credit agreement on March 30, according to an 8-K filing with the Securities and Exchange Commission.

Societe Generale was the administrative agent, issuing bank, swingline lender and collateral agent for the $90 million revolving credit facility, which has a term of three years.

The revolver includes a provision for the issue of standby letters of credit and a $10 million sublimit for swingline loans.

The loan may be increased by an amount up to $10 million, the filing stated.

About $33 million outstanding under Globe's previous credit agreement has been transferred into the new facility.

The New York-based producer of silicon metal, foundry alloys and steelmaking alloys said that the loan carries interest of Libor plus 225 basis points.

Covenants include a maximum total debt-to-capitalization ratio and a minimum fixed-charge coverage ratio.

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