Comercia Bank has granted Evercast, a subsidiary of Mexico’s Grupo Industrial Saltillo (GIS), a $55 million loan, according to media reports.
The loan will be used for the completion of a nodular iron casting plant, as well as its start-up.
Reports said the Mexican company will receive a $50 million credit within 6.5 years, with a 22-month grace period. The remaining $5 million loan will come to GIS in the form of a revolving credit, which will be used to support work capital investment at a timeframe of three years.
The interest taxes will be variable, according to the report.
Evercast is a joint venture between GIS and TRW, in which GIS has a 70 percent stake of the project.