Regulated Information - Inside Information
26 April 2017 at 19:00 CEST
Nyrstar today announced that it has successfully completed an increase of its multi-currency Structured Commodity Trade Finance Facility from EUR 400 million to EUR 500 million on a committed basis.
The Structured Commodity Trade Finance Facility includes an accordion to increase its size to EUR 750 million on a pre-approved but uncommitted basis. The amount that Nyrstar may draw-down under the facility is determined by reference to the value of Nyrstar's inventories and receivables (the borrowing base) and accordingly adjusts as commodity prices change. On the basis of increased commodity prices, the borrowing base in recent months has been greater than the previous EUR 400 million committed facility limit.
Commenting on the increased facility limit, Chris Eger, Chief Financial Officer of Nyrstar, stated:
"Over the past several years, the Structured Commodity Trade Finance Facility has demonstrated that it is well suited to our business in order to finance changing working capital requirements and will continue to be a cornerstone for our long-term financing needs. Over the past 12 months we have experienced an increase in working capital requirements as a result of improved commodity prices. Augmenting this facility by EUR 100 million will further enhance the liquidity at an attractive cost of capital."
As was previously disclosed by Nyrstar on 14 April 2017 in the announcement for the Special General Meeting to be held on 18 May 2017, Nyrstar has further strengthened its balance sheet at the end of March 2017 with the entry between Nyrstar and Goldman Sachs of an additional USD 60 million silver prepay agreement with a 6 month grace period followed by a 6 month amortisation.
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:
