Oryx Stainless refinances with €125 million three-year loan

By Marisa Wong

Los Angeles, Aug. 15 – Oryx Stainless Group announced it increased its financial flexibility with a syndicated credit facility in the amount of €125 million, replacing its existing facility at an early stage.

The transaction was agreed with a long-standing unchanged consortium of six banks, according to a press release.

The facility has a tenor of three years, with an option to extend for a further year.

Included in the documentation is an option to increase the loan amount up to €145 million.

The banking consortium includes HSBC Germany as bookrunner and mandated lead arranger, with Commerzbank, DZ Bank and Rabobank as mandated lead arrangers as well as NRW Bank and Stadtsparkasse Dusseldorf as lead arrangers.

This refinance guarantees sufficient liquidity for further growth planning, the company said in the press release. The syndicated borrowing base credit agreement serves mainly to finance the working capital of the European group companies as well as to provide collateral in connection with commodity hedging business and is parallel to a credit agreement in Thailand for the Asian business of the group.

Oryx Stainless Group, with its parent company Oryx Stainless Holding BV, is a trade organization for raw materials in the production of high-quality stainless steels. The company is based in Mulheim, Germany.

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