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ING Leads $300MM Expanded Syndicated Financing for Precious Metals Merchant Auramet

August 09, 2021, 07:24 AM
Filed Under: Metals and Mining
Related: ING Capital

ING Capital led a $300 million syndicated financing on behalf of Auramet Trading and Auramet International, a precious metals merchant. ING acted as Mandated Lead Arranger, Bookrunner and Administrative Agent on the oversubscribed deal, which closed on July 30, 2021, and an increase over the previous facility of $235 million. In addition to ING, the lending group included Rabobank acting as Lead Arranger, as well as HSBC Bank USA N.A., Macquarie Bank Limited, Brown Brothers Harriman & Co, Mizuho Bank, Ltd, CIBC Bank USA and Bank of China.

"Long-term partnerships are crucial in the complex commodities markets and we are excited to continue our association with ING and expand our syndicated lending group," said Mark Edelstein, CFO of Auramet. "This increase in liquidity will allow us to take advantage of the opportunities we currently see in precious metals, well into the future."

The new facility also includes a $50 million accordion with the ability to increase to $350 million and permits additional bilateral transactional credit facilities up to $80 million outside the syndicated borrowing base deal.

"The oversubscription on this deal is further validation of Auramet's continued ability to perform, despite volatile and challenging markets," said Matthew Rosetti, Managing Director and Head of Commodity Finance North America at ING. "This expanded facility positions them well and we expect them to continue to grow and execute at the highest level."

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