Ferroglobe plc amends its revolving credit facility
Ferroglobe plc announced that it has obtained the consent of its lenders for and entered into an amendment to its existing revolving credit agreement. among other provisions, the amendment: reduces the aggregate amount of revolving commitments under the rcf from $200 million to $150 million; reduces the minimum unrestricted cash required to be maintained by the company at all times to $70 million; adds a requirement for the company to maintain, at all times, an aggregate amount of restricted cash equal to (i) the amount outstanding under the rcf at any time minus (ii) $100 million, in a blocked deposit account, which shall be in addition to the minimum cash requirement above; provides that any breach of the financial covenants requiring the company to maintain a maximum net total leverage ratio or a minimum interest coverage ratio as of the end of the fiscal quarter ending september 30, 2019 shall not constitute an event of default under the rcf until october 30, 2019; and imposes additional requirements for the company to deliver certain information and documentation to the rcf lenders.
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