Following the press release dated 15 July 20191, Recylex S.A. (Euronext Paris: FR0000120388 - RX) announces today that its German sub-group has obtained from its financial partners the postponement to 30 November 2019 of their rights of early termination under the existing financing (obtained in December 2016), as well as the postponement until the same date of the repayments due at 31 December 2018, 31 March 2019, 30 June 2019 and 30 September 2019, representing a total amount of €8.0 million.
In view of this acceptance, the German sub-group has also obtained:
- The postponement of the maturity date of the bridge financing granted in February 2019 by Glencore International AG and representing a total amount of €27.0 million to 30 November 2019 (vs. 31 July 2019 previously);
- An additional short term financing up to €16.0 million from Glencore International AG for the period from 1 August 2019 to 30 November 2019, with a maturity date set on 30 November 2019.
These commitments are subject to conditions related to the successful completion of the timetable for updating German sub-group's financial assumptions and forecasts for the period 2020 to 2024 and include, in addition to standard cases of default, the absence of significant deterioration in WMG's production.
As a reminder2, the outcome of the studies conducted by WMG and the resulting update of the German sub-group's financial assumptions and forecasts for the period 2020 to 2024 will be decisive for the Group. In particular, those two key elements will determine the German sub-group's ability to go on with the existing level of debt and with the conditions required to consider continuing its financing. It is in the light of these elements that the financial partners will discuss and determine whether to continue their support for the German sub-group or not.
1 See notably press releases of 5 December 2018, 26 March 2019, 29 April 2019, 15 May 2019, 24 May 2019, 31 May 2019,
17 June 2019, 19June 2019, 25 June 2019 and 15 July 2019.
2 See press release dated 15 July 2019.
Raw materials from urban mines
The Recylex Group, based in France and Germany, is a European specialist in the recycling of lead, zinc, polypropylene and in the production of high-purity special metals. As a key player in the circular economy and thanks to its long-standing know-how, Recylex achieved consolidated sales of
€ 365 million in 2018 and employs more than 730 employees.
For more information about the Recylex Group: www.recylex.eu
Media & Investor contact: Gabriel Zeitlin | T +33 (0)158 47 29 89 | E gabriel.zeitlin@recylex.eu
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