Daily News: August 14, 2017

Santander Provides $40MM Revolver to Uttam Galva NA

Santander Bank’s Asset-Based lending group has executed a $40 million revolving line of credit with Uttam Galva North America, an importer and distributor of steel coils based in New York City.

“Uttam Galva is a global leader in the steel industry and its U.S.-based management team has successfully positioned the business for growth in the Americas,” said Al Spada, managing director and head of Asset-Based Lending at Santander. “Among our many services, we can provide clients like Uttam Galva with creative financing opportunities that help them reach their financial objectives, grow their businesses and better serve their customers.”

Uttam Galva North America was founded in 2014 by its parent, Uttam Galva Steels, a publicly traded steel manufacturer located in Mumbai, India.

“We are excited to be partnering with a lender and relationship team that fully understands our business, and is looking to help us continue to expand our North American operations,” said Daniel Bain, CFO of Uttam Galva North America.