Steel trader Stemcor has oversubscribed its year-long annual revolving credit facility to attract US$205mn in funds.

As GTR announced in September; ABN Amro, BNP Paribas, DBS Bank, HSBC, ING, Société Générale, Standard Chartered and United Overseas Bank were mandated lead arrangers and bookrunners on the deal.

Joining the bookrunners as MLAs are Bank of Baroda, Bank Mandiri, Bank of Taiwan, First Commercial Bank and Rabobank International.

Stemcor launched the debt facility at US$150mn, 36% lower than its final closing amount.

The money will refinance the US$115mn revolver signed in October 2010 and will also be used for working capital and general corporate purposes.