Icon Metals Pte has successfully completed its first seven digits US$ trade finance facility. The funding was related to a large increase of its procurement of steel products and the development of Icon Metals captive business managed in Indonesia.

 

The revolving facility is a combination of warehouse receipts finance under a collateral management agreement and back-to-back letter of credit.

 

EuroFin Asia was mandated sole arranger and successfully obtained the said funding from the Singapore branch of a large European bank jointly with LH Asian Trade Finance Fund, a pioneer hedge fund in Asia specialised in structured trade and commodity finance transactions.

 

Icon Metals is a Singapore-based company with regional trading and distribution operations of steel products founded and managed by Jason Lai.

 

C&P Asia (SEA) Pte was appointed collateral manager by the lenders. C&P Asia is part of CWT Group, a major regional supply chain service provider listed on the Singapore Exchange.

 

A subsidiary of EFA Group Pte, an independent finance and advisory boutique based in Singapore, EuroFin Asia Pte is the exclusive fund manager of LH Asian Trade Finance Fund.