NEW YORK Steel trading house Duferco Group said it will secure an $80-million syndicated revolving credit facility for its Duferco Asia Pte. Ltd. subsidiary.
The 364-day facility, guaranteed by Duferco International Trading Holding SA and Duferco SA, will be used to finance Duferco Asias working capital requirements, inventory and prepayment to suppliers, and intercompany sales on open terms, as well as other general corporate funding requirements, the company said.
DBS Bank Ltd., ING Bank NV and Standard Chartered Bank have been mandated to arrange the facility, Duferco said Tuesday. The facility was launched into syndication Aug. 13. Prior to the launch, Hong Kong & Shanghai Banking Corp. Ltd. (HSBC) and United Overseas Bank Ltd. joined the facility as lead arrangers, the company said.
Duferco is one of the worlds largest steel trading groups, with a presence in more than 45 countries. Its U.S. arm, Duferco Steel Inc., has locations in Matawan, N.J., and Miami.