EBL arranges Tk 300m syndicated loan facility for Magnum Steel
Sunday, 20 July 2008
Eastern Bank Limited (EBL) has arranged a syndicated facility of Tk 300 million medium term loan for Magnum Steel Industries Limited (MSIL).
The MSIL, an automatic steel re-rolling mill, is expected to produce 90,000 tonnes of MS rods per annum, said a press release.
In this connection, a signing ceremony of agreements was held at a city hotel recently.
Participating banks of the syndicate are Bangladesh Commerce Bank Limited, Bank Al-Falah Limited, Eastern Bank Limited, People's Leasing and Financial Services Limited, Social Investment Bank Limited and City Bank Limited.
The EBL is the agent and account bank for this transaction.
EBL Managing Director (MD) and Chief Executive Officer (CEO) Ali Reza Iftekhar expressed his satisfaction to all lending partners for their support towards achieving the financial close of this transaction.
Iftekhar also thanked the participating banks for showing their confidence in the EBL.
He gave the assurance that the EBL would continue its efforts to bring quality transactions in the market.
MDs, CEOs and top executives of all the participating banks were also present on the occasion.
The MSIL is setting up a modern production unit at Gazaria in Munshiganj with the objective of producing a range of hot rolled bars (de-formed rods) of mainly 60 grade and different wire rod/wire drawing items.
The mill will use the latest technology to produce thermo mechanically treated (TMT) bars.
By achieving a higher level of strength, the bars will have a lower carbon content and thus allow a greater flex and weld ability and make them more suitable than the standard grade 60 deformed bars.
The MSIL, an automatic steel re-rolling mill, is expected to produce 90,000 tonnes of MS rods per annum, said a press release.
In this connection, a signing ceremony of agreements was held at a city hotel recently.
Participating banks of the syndicate are Bangladesh Commerce Bank Limited, Bank Al-Falah Limited, Eastern Bank Limited, People's Leasing and Financial Services Limited, Social Investment Bank Limited and City Bank Limited.
The EBL is the agent and account bank for this transaction.
EBL Managing Director (MD) and Chief Executive Officer (CEO) Ali Reza Iftekhar expressed his satisfaction to all lending partners for their support towards achieving the financial close of this transaction.
Iftekhar also thanked the participating banks for showing their confidence in the EBL.
He gave the assurance that the EBL would continue its efforts to bring quality transactions in the market.
MDs, CEOs and top executives of all the participating banks were also present on the occasion.
The MSIL is setting up a modern production unit at Gazaria in Munshiganj with the objective of producing a range of hot rolled bars (de-formed rods) of mainly 60 grade and different wire rod/wire drawing items.
The mill will use the latest technology to produce thermo mechanically treated (TMT) bars.
By achieving a higher level of strength, the bars will have a lower carbon content and thus allow a greater flex and weld ability and make them more suitable than the standard grade 60 deformed bars.