Gerald Group, an independent and employee-owned metals trading house, refinanced GT Commodities’ borrowing base facility at $450 million. GT Commodities is Gerald Group’s North American trading hub.
ING Capital acted as lead lender and administrative agent for the refinancing of GT Commodities’ current secured financing facility, with Rabobank and HSBC as joint lead arrangers. Other members of the club deal included Credit Agricole, Credit Suisse, Deutsche Bank, Bank of China, Raiffeisen Bank International and UniCredit. GT Commodities’ borrowing base facility, which launched at $300 million, received subscriptions of $495 million from existing and new lenders and after scaling back, closed at $450 million.
“Notwithstanding the continued disruption and volatility in global supply chains, Gerald Group continues to demonstrate being a stable partner across the supply chain. The group remains focused on sustainable growth and playing a vital role in the energy transition journey towards a better future. The oversubscription and favorable pricing achieved in the refinancing shows clear confidence from commodity lenders in Gerald’s businesses. We truly appreciate the strong relationships we have with our existing banking group, and welcome the addition of three new participants to the credit facility,” Mital Patel, global head of finance and banking for Gerald Group, said.
“ING is pleased to partner again with Gerald Group for the success of this transaction and the high demand generated from the market, which is a testament to the strength of the company’s business, both globally and regionally,” Matthew Rosetti, head of the commodity finance team at ING, said. “Given the significant increase of metal prices over the past 12 months, this facility increase and timely closing will enable them to continue on their growth trajectory in the North American region and execute on their strong positioning in the diversified metals space.”