EUR 25m

April 2018

FNSteel

Asset backed refinancing working capital

  • FNSteel, a Dutch subsidiary of British Steel, is a producer of wire rods for high-quality automotive and engineering applications;
  • Following turbulent market circumstances, FNSteel’s relationship with its incumbent lender deteriorated;
  • In November 2017, Avaxa was engaged to assist FNSteel in its refinancing process;
  • Avaxa assisted in amongst others financial modelling, developing a Bank Presentation and Request for Proposal, tight process management, commercial negotiations and reviewing legal documentation;
  • Following a competitive process, FNSteel was able to refinance through a EUR 25mln asset backed financing package; and
  • With the increased notional limit of its financing package FNSteel is well positioned to pursue its strategy for further growth.