Trade Finance Corporation Limited (TFC) has arranged a US$8mn financing for McCorry Timber based in Kota Kinabalu, Sabah, Malaysia.  McCorry is a producer and trader of variable wood products.

This finance facility will support the company’s plywood activities and includes funding for purchases and freight as well as warehousing and distribution activities in the US.

Funding and letter of credit facilities were provided in two segments, purchases and voyage time financed through a European bank branch in Asia and inventory/distribution finance provided by the same European bank but via its subsidiary in New York.
These credit arrangements are in addition to the US$4mn facilities arranged for McCorry by TFC in April 2004.

TFC is a Hong Kong-based arranger and facilitator of structured trade finance and project finance.