Salans has advised Stemcor, the world's largest independent steel trader, on a marketdefying
syndicated loan valued at USD 480 million.
Oversubscribed at closing by 20%, the loan refinances an existing USD 550 million revolving
facility which matures on May 12. Over 31 banks worldwide supported the deal. Salans lawyers
Philip Prowse, Abigail Townley and James Amer
represented Stemcor, with BNP Paribas, Fortis, ING, Société Générale and Royal Bank of Scotland
acting as bookrunners and mandated lead arrangers.
Lead partner and Co-Head of the Global Banking and Finance Group, Philip Prowse, commented: "We
have been delighted to continue our close relationship with Stemcor on this pivotal financing,
important not only for our client but also as a strong indication that banks will lend today to
corporates that are expertly managed and which have a proven track record. This financing has
completely bucked the market."
Salans has over 750 lawyers, of which 184 are partners, globally operating from 21 offices
across 17 jurisdictions. The Global Banking and Finance Group has over 150 lawyers worldwide and
its capabilities in addition to syndicated lending include project finance, acquisition finance,
structured trade finance, real estate finance, capital markets, asset finance, consumer finance,
derivatives, regulatory, securities and securitisations.
Contacts:
Jeff Naqvi, Global BD & Marketing
E: jnaqvi@salans.com
T: +44 20 7429 6000
Philip Prowse, Partner and Co-Head of Global Banking and Finance Group
E: pprowse@salans.com
T: +44 20 7429 6000