Oct. 11 (Bloomberg) -- Stemcor Holdings Ltd., the world’s largest independent steel trader, will increase a loan to $205 million from $150 million and sign the facility on Oct. 17, according to a person familiar with the matter.
Ten banks joined the original eight hired to arrange the one-year revolving credit facility in syndication, the person said, asking not to be identified as details are private.
Stemcor is offering to pay a fee of 60 basis points and margin of 190 basis points more than the London interbank offered rate to banks committing $10 million or more for a so- called all-in payment of 250 basis points, another person familiar with the matter said on Sept. 28.
In a revolving credit facility money that’s been repaid can be borrowed again.
To contact the editor responsible for this story: Katrina Nicholas at firstname.lastname@example.org