Stemcor sets its sights on Asia with $75m loan

26 Aug 2010

Stemcor, the UK steel trader, is in the market with a $75m revolver — its first loan to target Asian banks. The deal is to be the first of several in Asia for the borrower, which, like many European commodity companies, is drawn by the liquidity in Asia’s loan market.

The firm has mandated six banks — ABN Amro, BNP Paribas, DBS, HSBC, ING and Standard Chartered — to arrange a $75m 364 day revolving credit facility through Stemcor SEA, its Asian trading hub in Singapore.

It launched the deal into a limited syndication on Tuesday, and is ...

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