Stemcor Holdings Ltd., the world’s largest independent steel trader, said it signed a $850 million credit line, 31 percent more than its original target after lenders offered more than it sought.
ABN Amro Bank NV, BNP Paribas SA, ING Groep NV, Natixis, Societe Generale SA and Standard Chartered Plc arranged the 364- day revolving credit that will replace a $772.5 million facility signed last year, lenders said in a statement.
“We have had a strong response to the facility and taken advantage of the over subscription offered,” Michael Broom, Stemcor’s chief financial officer said in the statement. “The year ahead remains challenging for the sector, but we remain cautiously optimistic for the group and are ready to take advantage of the upturn when it comes.”
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