Li-Cycle Announces It Has Entered Into An Agreement To Issue A Senior Secured Convertible Note In An Aggregate Principal Amount Of $75M To An Affiliate Of Glencore Plc
Portfolio Pulse from Happy Mohamed
Li-Cycle Holdings Corp. (NYSE:LICY) has entered into an agreement to issue a $75M senior secured convertible note to an affiliate of Glencore plc (LON: GLEN), enhancing their strategic partnership. This investment aims to improve Li-Cycle's liquidity and supports its future plans, including the development of the Rochester Hub. The agreement amends an existing note, extending its maturity and adjusting terms. Li-Cycle continues to review its global recycling network and strategy for the Rochester Hub, with a focus on critical battery materials production.
March 12, 2024 | 12:21 pm
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Li-Cycle's agreement with Glencore for a $75M senior secured convertible note aims to improve liquidity and support future development plans, including the Rochester Hub.
The investment from Glencore not only improves Li-Cycle's liquidity but also strengthens the strategic partnership between the two companies, potentially enhancing investor confidence in Li-Cycle's future growth and development plans. This could lead to a positive short-term impact on Li-Cycle's stock price.
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