Oryx renews credit facility

Oryx Stainless Group, a subsidiary of Germany-based KMR Stainless Holding B.V., says it has successfully finalized a €100 million “syndicated revolving borrowing base credit facility.”

The news release announcing the arrangement says Oryx “is prematurely replacing a credit facility of the same amount which was to mature in September 2016. The funds are to finance inventories, receivables and other current assets in domestic and foreign locations.”

A total of six banks comprise the credit agreement syndicate, including London-based HSBC Holdings; Commerzbank AG, NRW Bank and WGZ Bank of Germany; Netherlands-based Rabobank; and Société Générale of France.

“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,” says Roland Mauss, the chief financial officer of KMR Stainless AG.

Says Tim Reid, European head of commercial banking at HSBC Holdings, “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 that also enables the financing of its Asian activities.”

The Oryx Stainless Group was founded in 1990 as a trading firm for raw materials used in the production of stainless steel. The company focuses its business activities on the handling and processing of stainless steel scrap into Oryx Stainless Blends. The secondary raw material blends, which Oryx says are individually adapted for their respective stainless steel producers, often replace primary raw materials.