Stemcor secures US$325m multi-currency Revolving Credit Facility
Stemcor Holdings Limited, the world’s largest independent steel trader, today announces the successful closing of a multi-currency Revolving Credit Facility (RCF) after significant oversubscription.
Fortis and Standard Chartered Bank were joint Mandated Lead Arrangers and Bookrunners. Fortis is Facility Agent.
The 364 day (extendable) RCF, which was launched at US$150 million, was well received in the market by both existing relationship banks and a number of new institutions. Following significant oversubscription in syndication Stemcor elected to increase the facility amount to US$325 million, which still entailed a material scale-back of banks’ commitments.
Proceeds of the facility will be used for general working capital requirements and to refinance the existing US$ 75 million RCF. That facility, which was closed in May 2006, was Stemcor’s first foray into the syndicated loans market.