Bank of America Business Capital opens a $60 Million credit to JSW Steel

$60 million senior secured credit was provided by one of the world’s largest asset-based lenders Bank of America Business Capital to JSW Steel (USA) Inc. as the bank announced on Tuesday, March 3. According to the official press release the asset-based loan was used for working capital purposes. Additionally Bank of America will also provide JSW Steel (USA) with letters of credit and treasury management services.

“We selected Bank of America Business Capital as our lender because of their familiarity with the steel industry and ability to provide a wide array of financial products and services,” said JSW Steel (USA) CFO P. K. Rahlon. “This asset-based loan should provide the liquidity we’ll need to continue to increase operating efficiencies and maintain our leadership position in a highly cyclical industry.”

“We provided financing in a challenging lending environment that should give the client the financial flexibility to focus on growing its sales,” said Bank of America Business Capital West Division Executive John Mostofi. “We plan to play a key role in our client’s future capital markets needs.”