Li-Cycle Closes $75 Million Strategic Investment From Glencore

 


Li-Cycle Holdings Corp. (NYSE: LICY) has finalized a $75 million investment from Glencore plc (LON: GLEN), boosting its liquidity and funding strategy through a senior secured convertible note. Ajay Kochhar, Li-Cycle's CEO, lauded the investment as pivotal in strengthening their financial position and advancing their enduring partnership with Glencore. The investment underscores Glencore's confidence in Li-Cycle's potential and aligns with their shared vision for future growth opportunities. The Note, with a five-year term, offers Li-Cycle flexibility in interest payments, either in cash or in-kind, based on the Secured Overnight Financing Rate (SOFR) plus a specified percentage. Additionally, Li-Cycle and Glencore have agreed to amend and restate the terms of existing Glencore convertible notes, signaling a continued commitment to mutual growth and collaboration. The aggregate amount under the amended Glencore convertible notes currently stands at approximately $225 million, affirming the depth of their partnership and Li-Cycle's trajectory toward sustainable expansion in the lithium-ion battery industry.

Read More - https://www.techdogs.com/tech-news/business-wire/li-cycle-closes-75-million-strategic-investment-from-glencore

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