Oryx extends financing arrangement

Oryx Stainless Group, a Netherlands-based stainless steel scrap blending and trading firm with global operations, has extended its existing syndicated credit line ahead of schedule.

The firm lists the value of its asset-based financing access as amounting to 110 million euros ($129 million).  A new initial term for the financing is three years in length with an option to extend two additional years, with a potential increase in the credit volume to up to 130 million euros ($152 million).

Oryx says the syndicated loan agreement primarily serves to provide “flexible and needs-based financing” for the working capital of its European group companies and collateral in connection with commodity hedging transactions.

In Asia, Oryx says its recently commissioned Oryx Stainless Malaysia site has been added as a new borrower and lending firm HSBC Malaysia already had been supporting that endeavor.

Oryx Stainless Thailand, which has been operating in the Association of Southeast Asian Nations (ASEAN) region for more than 10 years, also initially was financed through the European credit agreement.

Now, a revolving credit facility amounting to 1 billion Thai baht ($31.4 million) implemented in 2020 with HSBC Thailand and Thailand-based Kasikornbank is in place.

“HSBC Germany and the Oryx Stainless Group have enjoyed around 25 years of trusting and successful cooperation,” says Roland Mauss, chief financial offer of Oryx Stainless.

The arrangement, Mauss says, has enabled Oryx “to become a global player in the field of stainless steel recycling.”

“We are delighted to once again support Oryx Stainless Group in extending its syndicated credit facility and to further assist the group with additional products and services as it continues to develop as a global commodity supplier." HSBC Germany CEO Dr. Michael Schleef says.

In addition to HSBC Germany, the financing consortium in Europe includes Germany-based Commerzbank, DZ Bank, NRW.Bank and Stadtsparkasse Düsseldorf and Netherlands-based Rabobank.