Stemcor issues mandates on revolving facility

Trading company Stemcor has mandated BNP Paribas, Fortis Bank, ING Bank and Société Générale as the mandated lead arrangers and bookrunners on a US$400mn multicurrency revolving credit facility.

The facility will be used to refinance the company's existing US$325mn revolving credit facility signed May 18, 2007, as well as general corporate purposes.

It consists of two tranches: a 364-day revolving credit facility with a 364-day extension option, and tranche B which is a three-year revolving credit facility.

Syndication has been launched to a wide group of relationship banks, plus other international banks the borrower is keen to form a relationship with. A bank meeting was held on April 14, 2008 in London.

Stemcor group is headquartered in London and has principal trading operations in the UK, Switzerland, Germany, USA, Singapore, Australia, and South Africa. It is one of the world's largest and considered most influential international trading groups in steel and related raw material.