Steel trader Stemcor has extended the deadline for its US$150mn revolving credit syndication.

The syndication, which was scheduled to close on Friday 23 September, is now expected to conclude later in the week.

A source close to the deal tells GTR: “The deadline for commitments to the transaction has been extended by a few days to accommodate for the additional time required by some of the potential lenders who are still processing the transaction internally.”

Stemcor appointed ABN Amro, BNP Paribas, DBS Bank, HSBC, ING, Société Générale, Standard Chartered and United Overseas Bank as mandated lead arrangers and bookrunners.

The 364-day revolving credit facility will refinance a previous US$115mn facility signed in October 2010.