Stemcor (S.E.A.) Pte Ltd signs USD 205 million Committed Revolving Credit Facility

Stemcor (S.E.A.) Pte Ltd (the “Company”) is pleased to announce the successful signing of a USD 205 million Committed Revolving Credit Facility (the “Facility”). 

The Facility has been arranged by ABN AMRO Bank N.V., Singapore Branch, BNP Paribas, DBS Bank Ltd, The Hongkong and Shanghai Banking Corporation Limited, ING Bank N.V., Société Générale Corporate & Investment Banking, Standard Chartered Bank and United Overseas Bank Limited as Mandated Lead Arrangers and Bookrunners.  Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), Oversea-Chinese Banking Corporation Limited and Raiffeisen Bank International AG joined the Facility prior to launch of general syndication as Mandated Lead Arrangers.

The Facility is a 364-day revolving credit, guaranteed by Stemcor Holdings Limited. Proceeds from the Facility will be used for: (i) the refinancing of the USD 115 million Revolving Credit Facility dated 26 October 2010 and (ii) the financing of the company’s working capital requirements and/or its general corporate funding requirements.

The Facility, which was launched at USD 150 million, has been oversubscribed and subsequently increased to USD 205 million.  The participating banks in the Facility are as follows:

Mandated Lead Arrangers and Bookrunners

ABN AMRO Bank N.V., Singapore Branch 

BNP Paribas

DBS Bank Ltd

The Hongkong and Shanghai Banking Corporation Limited

ING Bank N.V.

Société Générale Corporate & Investment Banking

Standard Chartered Bank

United Overseas Bank Limited 

Mandated Lead Arrangers

Bank of Baroda

PT Bank Mandiri (Persero) Tbk, Singapore Branch

Bank of Taiwan, Singapore Branch

Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Trading As Rabobank International), Singapore Branch

First Commercial Bank, Singapore Branch

Oversea-Chinese Banking Corporation Limited

Raiffeisen Bank International AG, Singapore Branch 

Arrangers

The Bank of East Asia, Limited, Singapore Branch

Chang Hwa Commercial bank, Ltd., Singapore Branch

Union de Banques Arabes et Françaises – U.B.A.F

Stemcor (S.E.A.) Pte Ltd is responsible for the Stemcor group’s trading operations in the Far East Region and it also finances regional trades.  In 2010, Stemcor (S.E.A.) Pte Ltd’s turnover was USD 1.76 billion, derived from the trading of approximately 4.4 million tonnes of steel and raw materials. Turnover in the first half of 2011 was USD1.12 billion with approximately 2.85 million tonnes of steel and raw material handled.  Stemcor (S.E.A.) Pte Ltd offers its clients the full spectrum of services in the same way that Stemcor Holdings Limited does, but tailored to the needs of the Asian market.