NEW YORK Steel trading
house Duferco Group said it will secure an $80-million
syndicated revolving credit facility for its Duferco Asia Pte.
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
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