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ING Leads $235MM Expanded Syndicated Financing for Precious Metals Merchant Auramet

August 20, 2020, 09:05 AM
Filed Under: Industry News
Related: ING Capital

ING Capital LLC ("ING") led a $235 million syndicated financing on behalf of Auramet Trading and Auramet International (collectively, "Auramet"), a well-regarded precious metals merchant. The deal closed on August 7, 2020. ING acted as Mandated Lead Arranger, Bookrunner and Administrative Agent. In addition to ING, the lending group included Rabobank acting as Lead Arranger, Macquarie Bank Limited, Brown Brothers Harriman & Co, Mizuho Bank, Ltd, HSBC Bank USA N.A, Bank of China Bank 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," said Mark Edelstein, CFO of Auramet. "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," said Matthew Rosetti, Managing Director and Head of Commodity Finance North America at ING. "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."

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