You can possibly borrow against the LOC, or negociate with the provider of the LOC and see if they are willing to adjust their position.
Bill- You did not specify the type of LC except saying it is irrevocable. Have you considered Transferable LC or Back-to-Back LC, those might be two possibilities in addition to Larry's reply above.
I represent the middleman between a transaction with the buyer and the supplier. The buyer want to pay us with a Letter of Credit and the Supplier needs 30% advanced to lock the price and start production. The Letter of Credit is irrevocable so it is safe transaction but we will only have access of those funds when production in complete, We are in need with the pre-payment amount ($300,00 USD) to lock the deal.
Product: Naval Steel