Sept. 6 (Bloomberg) -- Stemcor Holdings Ltd., the world’s largest independent steel trader, began marketing a $150 million revolving credit facility, according to an e-mailed statement from the company.
ABN Amro Bank NV, BNP Paribas SA, DBS Group Holdings Ltd., HSBC Holdings Plc, ING Groep NV, Societe Generale SA, Standard Chartered Plc and United Overseas Bank Ltd. have been mandated as lead arrangers and so-called bookrunners for the loan while Rabobank International, Oversea-Chinese Banking Corp. and Raiffeisen Bank International AG will also help to arrange the facility, according to the release.
The facility is a 364-day revolving credit facility, guaranteed by Stemcor. Proceeds will be used to refinance a $115 million revolving credit facility signed in October 2010 and for working capital and general corporate requirements, according to the release.
In a revolving credit facility money that’s been repaid can be borrowed again.
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