GLAS supports groundbreaking Restructuring Plan for Ambatovy Project Financing
GLAS is pleased to see the English Law Restructuring Plan for two Malagasy companies, Ambatovy Minerals Société Anonyme and Dynatec Madagascar Société Anonyme, sanctioned on 26th November 2024.
The original project was the largest ever project financing in sub-Saharan Africa, and one of the largest in the global mining sector.
GLAS played several key roles on this transaction, including Lock Up and Information Agent, New Money Facility Agent and Common Security Agent.
The Restructuring Plan is among some of the most ambitious in the UK since their introduction in 2020, involving the restructuring of $2.3 billion in debt held by entities and a syndicate of banks spanning Asia, North America, Africa and Europe.
The plan is intended to ensure the continued operation of the companies and the employment of thousands of workers in Madagascar. As a result, $1.65bn of secured debt will be discharged, with the further subordination of an additional $565m of secured debt. There will also be an injection of US$140m of new money by the companies’ shareholders.
About Ambatovy Project Financing
Ambatovy is a major industrial operation focused on mining and refining nickel and cobalt in Madagascar. With a total project cost of more than US$ 8 billion, Ambatovy represents the largest-ever foreign investment in the country and one of the biggest in sub-Saharan Africa.
It ranks among the largest lateritic nickel mining entities in the world, with an annual production capacity of 40,000 tons of nickel and 4,000 tons of cobalt, both of 99.9% purity.
About GLAS
GLAS 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 $450bn of assets under administration on a daily basis. For more information, please contact media@glas.agency.
