A New Delhi based chemical importer dealing in a wide range of industrial chemicals and polymers. The company is well known for being a leader in the chemical trading in India. Discontinuance of LOUs resulted in higher cost of borrowing and sparse availability of FCY funding.
Myforexeye Value addition
The client approached Myforexeye to syndicate multiple transactions across geographies totalling USD 400k approx. Initially the exporters were hesitant in accepting usance Letters of Credit payable at sight. Myforexeye team assisted the client to structure the LCs to reflect the current payment terms with exporters even though the LC had a credit period in-built. To provide additional comfort, we reached out to banks that the exporter was comfortable with and in the geography the exporter was based out of to prevent any delays in LC issuance & document handling. Working within these limitations, our team was successful in securing a highly competitive quote of L+80bps for a 60-day tenor.
Both, the client & the supplier, were satisfied with service and the ability to facilitate a transaction keeping the interest of both parties in mind.