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GSM

Ferroglobe

$0.70

-0.0916 (-11.57%)

09:15
10/11/19
10/11
09:15
10/11/19
09:15

Ferroglobe announces closing of $100M asset-based revolving credit facility

Ferroglobe announced the closing of a new, five-year $100M North American asset-based revolving credit facility between Globe Specialty Metals and QSIP Canada ULC, each a subsidiary of the Company, as borrowers and PNC Bank, National Association, as lender and agent. The ABL Revolver replaces the Company's revolving credit facility. At closing, the initial drawing under the ABL Revolver together with cash from Ferroglobe's balance sheet will be used to discharge in full the Company's obligations under the RCF, repurchase certain accounts receivable from the Company's accounts receivable securitization program and pay associated fees and expenses. Going forward, drawings under the ABL Revolver will be used to fund working capital needs of Globe and its subsidiaries and for general corporate purposes. At the current drawn amount, the ABL Revolver bears interest of L+3%, versus L+3.5% in the RCF. It also has a minimum liquidity requirement of $32.5M, compared to a $150M pledged cash requirement under the RCF prior to September 30, 2019. The maximum amount available under the ABL Revolver is subject to a borrowing base comprising North American inventory and accounts receivable of Globe and certain of its subsidiaries. Finally, it contains no leverage-based or financial ratio-based covenants. The credit agreement governing the ABL Revolver contains customary covenants, representations and warranties and events of default for financings of this type. The subsidiaries of the Company other than Globe and its subsidiaries will not be restricted under the negative covenants in the Credit Agreement.

GSM Ferroglobe
$0.70

-0.0916 (-11.57%)

11/28/18
RILY
11/28/18
NO CHANGE
Target $4
RILY
Buy
Ferroglobe price target lowered to $4 from $14.50 at B. Riley FBR
B. Riley FBR analyst Sarkis Sherbetchyan lowered his price target for Ferroglobe to $4 from $14.50 after the company's Q3 results missed his expectations. His new price target reflects an unchanged multiple of eight times estimated fiscal 2019 EBITDA. The analyst keeps a Buy rating on the shares.
02/14/19
JEFF
02/14/19
DOWNGRADE
Target $2.7
JEFF
Hold
Ferroglobe downgraded to Hold from Buy at Jefferies
Jefferies analyst Martin Englert downgraded Ferroglobe to Hold and lowered his price target for the shares to $2.70 from $3.
02/14/19
JEFF
02/14/19
DOWNGRADE
Target $2.7
JEFF
Hold
Jefferies downgrades Ferroglobe to Hold on lack of catalysts
Jefferies analyst Martin Englert downgraded Ferroglobe to Hold from Buy and lowered his price target for the shares to $2.70 from $3.00. The catalysts potentially driving upward revisions have failed to materialize, Englert tells investors in a research note. The analyst, who thought capacity curtailments could boost silicon prices and higher aluminum scrap could dissuade the shift away from primary silicon and Mn-alloys, now sees a "lack of foreseeable catalysts."
09/16/19
STFL
09/16/19
DOWNGRADE
STFL
Hold
Ferroglobe downgraded to Hold from Buy at Stifel
Stifel analyst Vincent Anderson downgraded Ferroglobe to Hold form Buy and cut his price target to $1.50 from $4 citing persistent weakness in silicon metal markets despite capacity curtailments by the company. Anderson expects earnings to be below 2016 levels and sees limited flexibility to maximize value for shareholders given the Ferroglobe's "tenuous" debt position and significant hurdles for renewed institutional ownership.

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