GSM - Ferroglobe to redeem 9.0% senior secured notes due 2025
- Ferroglobe PLC ( NASDAQ: GSM ) subsidiary Ferroglobe Finance to redeem all of the 9.0% senior secured notes due 2025 at 100% of the principal amount thereof plus accrued interest.
- On the date hereof, $60M in aggregate principal amount was outstanding.
- The redemption date is expected to be July 21, 2022.
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“Over the past few months we highlighted our expectation of an acceleration in cash flow generation, enabling us the opportunity to significantly decrease our gross debt. The redemption of the 9% senior notes is the natural place to begin deleveraging since we can redeem these bonds at par. As part of our gross debt deleveraging, we also purchased $19 million of our 9.375% notes in the open market during early June. Collectively, our higher cost gross debt will be reduced by $79 million as a result of these two transactions.” said Beatriz Garcia-Cos, the Chief Financial Officer of Ferroglobe.
For further details see:
Ferroglobe to redeem 9.0% senior secured notes due 2025