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Ferroglobe aims to delay maturity of bonds coming due; sales down 20%
By Devika Patel
Knoxville, Tenn., Sept. 1 – Ferroglobe plc has several bonds coming due in the near-term, and management hopes to address this by extending the bonds.
“What we are aiming, with regards to the bonds, is to extend the maturity,” chief financial officer Beatríz Garcia-Cos said on the company’s second quarter ended June 30 earnings conference call on Tuesday.
“We are looking to all the options but we are prioritizing the extension of the maturity,” she said.
Sales were down in the quarter.
“A slowdown across all of our core product categories resulted in a decline in our second quarter sales by 20% compared to the prior quarter, reflecting the impact of Covid-19 on the business,” Garcia-Cos stated in a Tuesday press release.
“By continuing to make operational changes and focusing on cost reduction, however, we managed to return the business to positive EBITDA.
“Furthermore, our diligent management of the business led to further working capital reduction and an improvement in our cash balance,” Garcia-Cos stated.
Adjusted EBITDA was $22.4 million for the second quarter, compared to negative $17.6 million in the first quarter and $5 million in the second quarter of 2019.
Gross debt was $451 million at the end of the second quarter, compared to $443 million at the end of the first quarter.
Ferroglobe is a London-based supplier of silicon metal, silicon-based specialty alloys and ferroalloys.
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