ING Capital led a $235 million syndicated financing on behalf of Auramet Trading and Auramet International, a precious metals merchant. The deal closed on Aug. 7. ING acted as mandated lead arranger, bookrunner and administrative agent. In addition to ING, the lending group included Rabobank as lead arranger as well as Macquarie Bank, Brown Brothers Harriman & Co, Mizuho Bank, HSBC Bank, Bank of China and Bank Hapoalim.
The transaction was strongly oversubscribed and a marked increase over the previous facility of $190 million. This new facility includes a $25 million accordion with the ability to increase to $260 million and permits additional bilateral transactional credit facilities up to $50 million outside the syndicated borrowing base deal (which has also been substantially fully subscribed for).
“We are excited to have completed this renewal during these challenging and uncertain times,” Mark Edelstein, CFO of Auramet, said. “We continue to be impressed with our long-term partnership with ING and the expanded support of our syndicated lending group, which understand the commodities market and the opportunities we see in precious metals this year and beyond.”
“ING appreciates the opportunity to lead another facility for Auramet, who has been a valued client over many years,” Matthew Rosetti, managing director and head of commodity finance North America at ING, said. “The strong demand from our syndicate banks — in a very challenging commodity finance market — is further validation of Auramet’s strong management team and performance. This added liquidity positions the company well in the metals space.”