Capital/Financing Update • Jul 1, 2015
Capital/Financing Update
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Nyrstar today announced that it has successfully completed the refinancing of its multi-currency Structured Commodity Trade Finance Facility.
The facility closed at EUR 400 million after a successful syndication which resulted in some significant over-subscription. The new facility replaces the previous EUR 400 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 a maturity of 4 years until June 2019 (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 a margin of 2.25% above EURIBOR, leveraging on the strength of the secured borrowing base and the underlying exchange traded commodities.
The participating banks in the new facility are:
"Once again, we are very pleased with the strong demand for the renewal of our main funding facility which not only resulted in a significant oversubscription, but also underscores the ongoing support from the financial markets of our company. The facility remains a cornerstone in our financing portfolio and is ideally structured to meet our working capital requirements – also in the forecasted strong zinc price environment ahead," said Heinz Eigner, Acting Chief Executive Officer and Chief Financial Officer of Nyrstar.
Nyrstar is an integrated mining and metals business, with market leading positions in zinc and lead, and growing positions in other base and precious metals; 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, China and Australia and employs approximately 6,500 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
Anthony Simms Group Manager Investor Relations T: +41 44 745 8157 M: +41 79 722 2152 [email protected] Greg Morsbach Group Manager Corporate Communications T: +41 44 745 8295 M: +41 79 719 2342 [email protected]
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