Stemcor Holdings Ltd.’s Singapore- based unit agreed to borrow US$115 million ($149.4 million) in its first Asian syndicated facility.

Proceeds from the one-year revolving loan will be used for general corporate purposes and to help the London-based company expand in the region, Stemcor said in an e-mailed statement.

Stemcor, the world’s largest independent steel trader, has US$931.2 million of loans maturing by the end of 2016, according to data compiled by Bloomberg. Emerging markets accounted for 80 percent of the company’s trading volumes for the six months to June 30, according to financial statements on its website.

 

Eight lenders arranged the loan with support from four others, and the facility was increased from an initial US$75 million, the statement said. In a revolving loan money that’s been repaid can be borrowed again.