HSBC, Calyon and Rabobank have successfully closed a US$60m two-year prepayment facility with global steel trader and manufacturer Duferco in July 2008. HSBC is acting as documentary and facility agent, and Calyon as security trustee. The facility is financing the working capital requirement of South African Duferco Steel Processing (“DSP”), a 50/50 joint venture between Duferco and state-owned Industrial Development Corporation. DSP is one of only two producers of cold rolled coil and galvanised steel products in South Africa.
The facility, structured as a limited recourse prepayment in favour of Duferco SA (Switzerland), will be repaid by the steel export proceeds payable by Duferco SA under its exclusive export contract with DSP.
To meet DSP’s working capital requirements, the amount available under the facility is revised on a quarterly basis depending on the market price of steel products and revolves throughout the first year. The financing enters into amortisation the second year unless all the parties decide to further extend the facility.
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