|
The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
PNC Bank Agents $100MM ABL Revolver for Globe Specialty Metals
Tuesday, October 15, 2019
|
Lenders/Participants
|
PNC Bank [Agent, Lender]
|
|
Structure
|
Asset-based Revolver
|
|
Amount
|
$100.000
Million
|
|
Borrower(s)
|
Globe Specialty Metals, Inc. and QSIP Canada ULC
|
|
Description
|
The ABL Revolver replaces the Company’s revolving credit facility (the “RCF”). 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 $32.5 million (including $10 million of undrawn availability under the ABL), compared to a $150 million 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.
|
|
Industry
|
Metals and Mining
|
| Related Tags |
PNC Bank
|
ABL Advisor
Deal Tables
2024
|
|
|
|