Skip to main content

Glencore provides multi-million loan to Recylex

Germany – Recylex has announced the signing of a ‘conventional’ loan arrangement with Glencore International to give the former ‘sufficient funds’ to cover its projected 2014-15 cash requirements.

The agreement signed with Glencore, the group’s core shareholder, is for a maximum loan of Euro 16 million, the purpose of which is the projected cash requirements mainly linked to the two final instalments due under Recylex’s continuation plan. Terms include an annual interest rate of 7% (plus average six-month LIBOR rate over the period); coupon payable every six months; and bullet repayment of the principal amount on June 30 2019, or in advance at Recylex’s discretion.

In addition, Recylex SA has decided to put in place a contingent equity line to strengthen its cash position, to which end it has struck a deal with Kepler Cheuvreux.

Recylex’s ceo Yves Roche comments: ‘This financing reflects our determination to find solutions to address the heavy burden of the past we inherited, as well as our commitment to save our group, our jobs and our unique expertise in urban mine recycling in Europe. The success of our search for financing confirms our teams’ efforts, their will to move forward and their solidarity. Major challenges lie ahead, starting with continued efforts to restore the group’s margins, particularly in the lead segment.’

Since adopting its continuation plan in November 2005, Recylex has repaid over Euro 75 million without having to raise additional debt.

For more information, visit:

Don't hesitate to contact us to share your input and ideas. Subscribe to the magazine or (free) newsletter.

You might find this interesting too

E-scrap players will see new highs
Rio Tinto scrapping aluminium refinery in Australia
Amazon invests in 100% recyclable packaging

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe now and get a full year for just €169 (normal rate is €225) Subscribe