Business
Extension of Consent Fee Deadline under the Lock-Up Agreement dated March 27, 2021
LONDON, April 15, 2021 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (the “Company”) refers to the Company’s release on March 28, 2021 regarding the
About this update from Ferroglobe Plc
[{"type":"text","content":"LONDON, April 15, 2021 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (the “Company”) refers to the Company’s release on March 28, 2021 regarding the lock-up agreement dated March 27, 2021 (the “Lock-Up Agreement”) between the Company and certain financial stakeholders. The Company is pleased to announce that holders of over 92% by value of the 9.375% Senior Notes due 2022 issued by the Company and Globe Specialty Metals, Inc (the “2022 Senior Notes”) have signed or acceded to the Lock-Up Agreement. At over 92%, the current level of support exceeds the threshold required to proceed by way of a scheme of arrangement and is close to the level required to implement the transaction by way of an exchange offer. In light of this, the Company has agreed an extension of the Consent Fee Deadline to 5 p.m. (New York) / 10 p.m. (London) on Monday April 19, 2021 in order to allow holders of the 2022 Senior Notes that have not yet acceded to the Lock-Up Agreement to do so. Holders of the 2022 Senior Notes that have not yet signed the Lock-Up Agreement may contact the Information Agent at [email protected] to access further information relating to the transaction and for details of how to accede to the Lock-Up Agreement. Noteholders may only become eligible for the 1% Early Cash Consent Fee (or, to the extent the transaction is implemented using an Exchange Offer and Covenant Strip, the 2% Early Equity Fee) by signing the Lock-Up Agreement and holding 2022 Senior Notes that became locked-up notes on or prior to the Consent Fee Deadline of 5 p.m. (New York) / 10 p.m. (London) on Monday April 19, 2021 About Ferroglobe Ferroglobe 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 Ferroglobe’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as...