Regulated information
1 July 2015
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:
- Deutsche Bank AG as Coordinating Mandated Lead Arranger and Sole Bookrunner;
- ABN AMRO Bank NV, Bank of Montreal, BNP Paribas Fortis NV, Goldman Sachs Bank USA, KBC Bank NV and Société Générale as Mandated Lead Arrangers;
- Credit Suisse AG and JP Morgan Chase Bank NA as Lead Arrangers; and
- HSBC Trinkhaus & Burkhardt AG, Scotiabank Europe, The Royal Bank of Scotland, Westpac Banking Corporation and Zürcher Kantonalbank as Arrangers.
"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 on-going 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.
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About 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
For further information contact:
Anthony Simms Group Manager Investor Relations T: +41 44 745 8157 M: +41 79 722 2152 anthony.simms@nyrstar.com
Greg Morsbach Group Manager Corporate Communications T: +41 44 745 8295 M: +41 79 719 2342 greg.morsbach@nyrstar.com
The full press release can be downloaded from the following link:
