Against a background of higher raw material prices and delivery volumes, the Oryx Stainless Group is increasing its financial flexibility with a syndicated credit facility in the amount of 125 million Euros, replacing the existing facility at an early stage.
This refinance guarantees sufficient liquidity for further growth planning. 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.
The transaction was agreed with a long-standing unchanged consortium of six banks and runs for a period 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 Euros. The banking consortium includes HSBC Germany as sole book runner and mandated lead arranger, with Commerzbank, DZ Bank and Rabobank (mandated lead arrangers) as well as NRW Bank and Stadtsparkasse Düsseldorf (lead arrangers).
Founded in 1990, the Oryx Stainless Group, with its parent company Oryx Stainless Holding B.V., is one of the world’s leading trade organisations for raw materials in the production of high quality stainless steels. The focus of the company’s business activities is on the handling and processing of stainless steel scrap into Oryx Stainless Blends. These secondary raw material blends, individually fine tuned for each stainless steel producer replace, above all, primary raw materials.
In the 2021 financial year, Oryx Stainless, as one of the leading companies of the Circular Economy, ensured a saving of about 2.5 million tons CO2 with its supplies of recycled raw materials, so making a significant contribution to climate change protection.*
* Calculation according to a scientific study of Fraunhofer Umsicht.
Source: Oryx Stainless Group