Ferroglobe announces agreement in principle on terms of capital raise, extension of bond maturity and entry into a lock-up agreement

London, march 28, 2021 (globe newswire) -- ferroglobe plc (nasdaq: gsm) (the “company”) announces that it has reached an agreement in principle on the terms of the financing proposal, which was previously detailed in the company's release on february 1, 2021, relating to a $100 million capital raise, consisting of issuances of new debt and equity, and a three-year extension of its 9.375% senior notes due 2022. on march 27, 2021, the company entered into a lock-up agreement (the “lock-up agreement”) with members of an “ad hoc group,” being existing note holders representing in aggregate approximately 60% of the 2022 senior notes, and tyrus capital (“tyrus”) as backstop provider in respect of a $40 million equity raise forming part of the transaction.
GSM Ratings Summary
GSM Quant Ranking