Nyrstar successfully re-finances its Structured Commodity Trade Finance Facility
20 Décembre 2017 - 7:00PM
Regulated
Information
20 December 2017 at 19.00
CET
Nyrstar
today announced that it has successfully executed the refinancing
of its existing EUR 500 million multi-currency Structured Commodity
Trade Finance Facility due to expire in June 2019 with a one year
runoff period starting in June 2018.
The new
facility closed at EUR 600 million and replaces the previous EUR
500 million facility and includes an accordion feature to increase
its size to EUR 750 million on a pre-approved but uncommitted
basis. The new facility has very similar terms and conditions as
the previous facility including a maturity of 4 years until
December 2021 (with a 12 month run-off period during the fourth
year). As with the previous facility, the amount that Nyrstar may
draw-down under the new facility is determined by reference to the
value of Nyrstar's inventories and receivables (the borrowing base)
and accordingly adjusts as commodity prices change. The new
facility has an equivalent margin of 2.25% above EURIBOR (or LIBOR
for drawings in currencies other than USD), leveraging on the
strength of the secured borrowing base and the underlying exchange
traded commodities.
The new
facility represents an increase of EUR 100 million over the
previous facility due to a successful syndication which resulted in
some significant over-subscription. In addition, as a result
of the rising zinc price environment and foreign exchange
volatility, Nyrstar has seen an increase in working capital
requirements.
The
participating banks in the new facility are:
-
Deutsche Bank AG as Coordinating Mandated Lead
Arranger and Bookrunner; and
-
ABN AMRO BANK N.V., AKA
Ausfuhrkredit-Gesellschaft mbH, Amsterdam Trade Bank N.V., Bank of
Montreal, BNP Paribas Fortis, CREDIT SUISSE (Schweiz) AG, Deutsche
Bank AG, Goldman Sachs Bank USA, HSBC, ING Bank N.V., J.P. Morgan
Securities plc, KBC, National Westminster Bank Plc, Raiffeisen Bank
International AG, Société Générale and Zürcher Kantonalbank as
Lenders.
"The renewal of the Structured
Commodity Trade Finance Facility with a EUR 600 million limit is a
further step in strengthening our balance sheet and demonstrates
the on-going and strong support from the financial markets of our
company as we deliver against our strategic initiatives. The
facility remains a cornerstone in our financing portfolio and is
ideally structured to meet our working capital requirements as well
as maintaining a sufficient amount of liquidity," said Chris Eger,
Chief Financial Officer of Nyrstar.
About Nyrstar
Nyrstar
is a global multi-metals business, with a market leading position
in zinc and lead, and growing positions in other base and precious
metals, which are essential resources that are fuelling the rapid
urbanisation and industrialisation of our changing world. Nyrstar
has mining, smelting, and other operations located in Europe, the
Americas and Australia and employs approximately 4,300 people.
Nyrstar is incorporated in Belgium and has its corporate office in
Switzerland. Nyrstar is listed on Euronext Brussels under the
symbol NYR. For further information please visit the Nyrstar
website: www.nyrstar.com
For further information
contact:
Anthony Simms - Group Manager Investor
Relations T: +41 44 745 8157 M: +41 79 722
2152 anthony.simms@nyrstar.com
Franziska Morroni - Group Manager Corporate
Communications T: +41 44 745 8295 M: +41 79 719 2342
franziska.morroni@nyrstar.com
The full press release can be downloaded from the
following link:
Press Release (English)
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Nyrstar via Globenewswire
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