Globe Specialty Metals has refinanced its existing credit facility with a syndicate of banks led by Providence based RBS Citizens, and co-led by PNC Bank, Wells Fargo Bank, as Joint Book Managers and Joint Lead Arrangers. Other banks in the syndicate include: BBVA Compass, BB&T, Citibank, Fifth Third Bank, Capital One, and HSBC Bank.

The previous facility that was due to expire May 31, 2017, has been replaced with the new facility that extends the expiration to August 20, 2018, improves pricing and increases the flexibility the company has to pursue its strategic objectives all while maintaining the capacity of the revolving credit facility at $300 million, plus an accordion feature of an additional $150 million. Key modifications relative to the existing facility include a reduction of the borrowing rate by 25 basis points, simplified covenants including, among others, a maximum total net debt to earnings before income tax, depreciation and amortization ratio and a minimum interest coverage ratio. The new facility also provides expanded financial flexibility to make strategic capital investments, acquisitions, divestitures and fund returns to shareholders.

"We are pleased to be able to refinance our existing credit agreement, and appreciate the significant support we have received from our existing lenders including RBS Citizens, PNC and Wells Fargo, as well as the other banks in our new syndicate, all of whom were existing lenders in our previous facility," said Joe Ragan, Chief Financial Officer of Globe Specialty Metals, Inc.

Globe Specialty Metals, Inc. is among the world's largest producers of silicon metal and silicon-based specialty alloys, critical ingredients in a host of industrial and consumer products with growing markets.