Stemcor finalises oversubscribed credit facility
Steel trader Stemcor has secured a 364-day US$225mn oversubscribed revolving credit facility from 16 international banks to refinance its previous US$205mn facility launched in October 2011.
Additionally, the loan, which has been in the pipeline since September this year, will be used to finance Stemcor’s capital requirements and general corporate funding requirements in Asia.
The facility was launched at US$200mn and is guaranteed by Stemcor Holdings.
The mandated lead arrangers and bookrunners on the deal are ABN Amro BNP Paribas, DBS Bank, HSBC, ING, Société Générale Corporate & Investment Banking and Standard Chartered.
Bank of Baroda and Emirates Bank are acting as mandated lead arrangers, while Bank of Taiwan, Rabobank, Overseas Chinese Banking Corporation and Raiffeisen Bank are acting as senior lead arrangers.
Chang Hwa Commercial Bank, First Commercial Bank and LH Asian TFF are mandated as lead arrangers on the facility.