Recylex has announced a €16 million loan agreement with Glencore that was signed on October 1, 2014, as well as the arrangement of an equity line with Kepler Cheuvreux. This conventional loan arrangement should give Recylex SA sufficient funds to cover its 2014-2015 projected cash requirements mainly linked to the two final instalments due under its continuation plan. In addition, Recylex SA has decided to put in place a contingent equity line to strengthen its cash position.
Yves Roche, Chairman and Chief Executive Officer of the Recylex Group, commented: “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 loan will help us meet our projected cash requirements, essentially linked to our continuation plan, on sustainable financial terms, thanks to the support of our main shareholder, Glencore. 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. All the Group’s employees in all four of its business segments in France, Germany and Belgium are continuing to work hard towards our two key goals of completing our continuation plan and improving our profitability.”
