July 2021, London
Ferroglobe PLC has recently launched an exchange offer to refinance its existing US$350 million 9% Senior Notes due 2022 issued by the Parent and Globe (the “Old Notes”) 2022. The first step of the of the lock-up agreement has been implemented and the offer includes an exchange of the Old Notes for new notes due 2025, and an offer for existing holders to subscribe for new super-senior notes maturing in June 2025 for an amount US$60 million, divided into two tranches of US$40 million and US$20 million, and the granting of certain personal guarantees and first-ranking security interests over the assets of the Spanish subsidiaries.
The GLAS Debt Capital Markets team has recently been appointed in several roles on the transaction which includes acting as Information Agent, as well as Trustee, Paying Agent, Registrar, Transfer Agent, Security Agent, Escrow Agent and Settlement Agent.
Mia Drennan, GLAS Co-Founder and Group President, said, “Given the nature of this transaction we were able to line up a cross border Capital Markets deal team to support the European and US deal parties on this transaction and manage Euroclear, Clearstream and DTC Creditors.”
The GLAS deal team from London and New York comprised of Mia Drennan, Martin Reed, Joe Ellis Grewal (Business Development), Paul Cattermole, Aric Kay-Russell and Arunima Misra (Debt Capital Markets), Lisha John, Natasha Chan (Restructuring & Insolvency) and Georgios Vrentzos and Shahaana Kulendran (Business Solutions).
Global Loan Agency Services Limited was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market. GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of EUR 110bn of assets under administration on a daily basis. For more information, please contact email@example.com.