Fortis Bank UK has acted as sole arranger for a US$100mn borrowing base facility for Wogen, the London-based trader of specialty metals, and its subsidiaries. The deal represents one of the largest borrowing base facilities in the European metals markets. Singer & Friedlander, Standard Chartered and ING Bank London joined as participants.
The new facility replaces all previous bilateral financing arrangements and allows Wogen to finance its worldwide stocks and receivables on the basis of regular borrowing base reports. The structure will reduce the administrative burden for both the company and its banks, while the security is maintained by a comprehensive legal package across several jurisdictions. Norton Rose acted as legal adviser to the banks.
Wogen is a global trader in specialty metals and minerals, including chromium, cobalt, indium, molybdenum, titanium, tungsten and vanadium. It listed on the London Stock Exchange’s Alternative Investment Market (AIM) in October. Headquartered in London, it is a global business with operations in China, Japan, Russia and Spain.
