Stemcor raises $1 billion in funds

On May 6, the world's largest independent steel trader Stemcor said that it has completed and signed an agreement for US$1 billion in multicurrency revolving credit facilities.
 
According to the Stemcor agreement, the deal was launched at the end of March this year. The syndicate comprised a total of 53 lending banks and, due to significant oversubscription, the facilities were increased from the launch amount of US$650 million to US$1 billion.
 
The raised funds will be used to refinance Stemcor's existing credit structure and also for general commercial purposes.