Ferroglobe PLC said Oct. 1 that it obtained the consent of its lenders to amend its existing revolving credit agreement, reducing it to US$150 million from US$200 million.
The amendment also involves a reduction of the minimum unrestricted cash to be maintained by Ferroglobe at all times to US$70 million, but adding a requirement for the company to maintain at all times an aggregate amount of restricted cash equal to the amount under the credit facility minus US$100 million, in a blocked deposit account, which shall be in addition to the US$70 million.
In June, S&P Global Ratings downgraded Ferroglobe to B- from B+ due to weak results in the first quarter amid low demand and high input costs.
