Extension of Super Senior Notes Offer Subscription Deadline in connection with the Offer to Subscribe for Additional 9.0% Senior Secured Notes Due 2025

Rhea-AI Summary

On June 23, 2021, Ferroglobe PLC, Ferroglobe Finance Company, PLC, and Globe Specialty Metals, Inc. launched an exchange offer for 9⅜% Senior Notes due 2022, proposing new senior secured notes due 2025. This includes a solicitation for amendments to the Old Notes and an offer for additional senior secured notes. The Super Senior Notes Offer Subscription Deadline has been extended to 5 pm EDT on July 8, 2021. Other key deadlines for the notes remain unchanged, including July 13, 2021, for KYC clearance and July 22, 2021, for escrow funding.

Positive

• The exchange offer allows for refinancing of existing debt, potentially improving financial stability.
• The extension of the subscription deadline gives investors more time to participate.

Negative

• Dependence on refinancing could indicate potential liquidity issues.
• The existing 9⅜% Senior Notes due 2022 may imply higher interest obligations until resolved.

LONDON, July 08, 2021 (GLOBE NEWSWIRE) -- On June 23, 2021, Ferroglobe PLC (the “Parent”), Ferroglobe Finance Company, PLC (the “UK Issuer”) and Globe Specialty Metals, Inc. (“Globe” and, together with the UK Issuer, the “Issuers”) commenced the following transactions pursuant to the offering and consent solicitation memorandum dated June 23, 2021 (the “Offering and Consent Solicitation Memorandum”):

• an exchange offer (the “Exchange Offer”) of any and all of the 9⅜% Senior Notes due 2022 issued by the Parent and Globe (the “Old Notes”) 2022 for a combination of new 9⅜% senior secured notes due 2025 (the “New Notes”) and equity fee;
• a solicitation of consents to certain proposed amendments to the indenture governing the Old Notes; and
• an offer (the “Super Senior Notes Offer”) to the existing holders of the Old Notes to subscribe to additional senior secured notes due 2025 (the “Super Senior Notes”).
  

In connection with the Super Senior Notes Offer, the UK Issuer hereby notifies Qualifying Noteholders of the extension of the Super Senior Notes Offer Subscription Deadline from July 7, 2021 to 5 pm EDT on July 8, 2021.

All other key dates set forth in the Offering and Consent Solicitation Memorandum remain the same, including:

• the Super Senior Notes KYC Clearance Deadline of July 13, 2021;
• the Funding Letter Date of July 16, 2021; and
• the Super Senior Notes Escrow Funding Deadline of July 22, 2021.
  

Capitalized terms used but not defined in this release shall have the meanings set forth in the Offering and Consent Solicitation Memorandum.

About Ferroglobe

Ferroglobe PLC is one of the world’s leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe Issuers’ future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “will” and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to Issuers and assumptions that management believe to be reasonable but are inherently uncertain. As a result, Issuers’ actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Ferroglobe’s control.

All information in this press release is as of the date of its release. Issuers do not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

INVESTOR CONTACT:

Gaurav Mehta
Executive Vice President - Investor Relations
investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig
Executive Director – Communications & Public Affairs
corporate.comms@ferroglobe.com 

FAQ

What is Ferroglobe's recent exchange offer for GSM?

Ferroglobe is offering an exchange of 9⅜% Senior Notes due 2022 for new secured notes due 2025.

What is the extended deadline for the Super Senior Notes Offer for GSM?

The deadline has been extended to 5 pm EDT on July 8, 2021.

What are the key deadlines for Ferroglobe's exchange offer related to GSM?

The key deadlines include KYC clearance by July 13, 2021, and escrow funding by July 22, 2021.

How does the exchange offer affect Ferroglobe's financial position?

The exchange offer may enhance financial stability by refinancing existing debt.

What are the risks associated with Ferroglobe's exchange offer for GSM?

Dependence on refinancing might indicate liquidity concerns.