Oryx Stainless Group, a subsidiary of Germany-based KMR Stainless Holding, successfully finalized a €100 million ($100.32 million) syndicated revolving credit facility.

A total of six banks comprise the credit agreement syndicate which was significantly oversubscribed: HSBC as sole bookrunner and mandated lead arranger, Commerzbank AG and Rabobank as mandated lead arrangers as well as NRW Bank, Société Générale and WGZ Bank as lead arrangers are involved.

Oryx Stainless is replacing a credit facility of the same amount which was to mature in September 2016. The funds will be used to finance inventories, receivables and other current assets in domestic and foreign locations.

“The premature refinancing has enabled us to adapt our financing to meet current needs and our dynamic business development in Asia, and at the same time streamline banking partners,” explained Roland Mauss, CFO of KMR Stainless AG.

Tim Reid, European Head of Commercial Banking, HSBC Holdings, added “Oryx Stainless is an important player in the stainless steel scrap market which, following the industry’s trend, is also expanding its activities more and more in the Far East. We are pleased to support the company in finding a solution which also enables the financing of its Asian activities.

The Oryx Stainless Group, founded in 1990, is a trading organizations for raw materials used in the production of stainless steels. The company focuses its business activities on the handling and processing of stainless steel scrap into Oryx Stainless Blends.