DZ Bank, DBS Bank and Standard Chartered Bank have closed a US$258m export finance facility deal with Bhushan Steel Limited (BSL), a steel manufacturing company in India. Euler-Hermes, the export credit agency (ECA) of Germany, has backed the facility.
The agreement between the three banks and BSL was reached following the successful arrangement of a Euler-Hermes guarantee offer. Under the terms, the ECA provides a guarantee for covering 95% of the political and commercial risks related to the loan facility.
Nittin Johari, director finance of BSL, said: “We are extremely pleased with the export finance facility arranged by Standard Chartered Bank, DBS Bank and DZ Bank. The excellent co-ordination and timely execution in completing this financing and obtaining Euler Hermes support by the banks makes this transaction a very special one indeed. With this financing, we look forward to pushing ahead with our expansion plans and the ambition to become a leading integrated steel producer in India.”
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