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Lafayette Square USA, Inc. announced that ING Capital has increased commitments to their sustainability-linked revolving credit facility, launched in June 2024. EverBank, N.A. and First Citizens Bank are providing additional commitments, increasing the facility from $75 million to $150 million. The facility has potential to grow to $250 million through an uncommitted accordion feature.
The annual interest rate is based on term SOFR plus a 2.70% margin, adjustable based on sustainability-linked loan (SLL) performance indicators. These indicators align with Lafayette Square's 2030 goals, including supporting 100,000 working-class jobs and investing 50% of capital in working-class communities.
This revolver complements Lafayette Square's recently acquired Specialized Small Business Investment Company (SSBIC) license, focusing on financing small businesses owned by underrepresented populations. The company also offers its Worker Solutions platform to portfolio companies, providing interest rate reductions for adopting beneficial HR policies.
Lafayette Square announced a new sustainability-linked revolving credit facility with ING Capital. The facility, secured by Lafayette's portfolio and unused capital commitments, aims to support their direct lending activities, primarily focusing on first lien senior secured loans. It matures in June 2029 and can grow up to $250 million through an uncommitted accordion feature. The annual interest rate is based on various rates, including term SOFR plus a 2.70% margin. This rate adjusts through a sustainability linked loan (SLL) pricing structure, with ING as the sole Sustainability Structuring Agent. The SLL aligns with Lafayette's 2030 goals to support 100,000 working-class jobs, invest 50% of capital in working-class communities, and enhance benefits for 50% of its portfolio companies.
Moreover, Lafayette Square offers its portfolio companies access to Worker Solutions, a platform designed to reduce turnover and increase benefit adoption. Both companies emphasize the importance of this partnership in creating stronger, more productive businesses in local communities while generating economic benefits for shareholders.
Kamps, Inc. has amended its senior credit facility to include Green Loan provisions, marking the first Green Loan for a pallet company in the U.S. ING Capital LLC acted as the sole Green Loan Structuring Agent. Kamps specializes in high-quality recycled and custom pallets, contributing to significant environmental sustainability; in 2021, it recycled 200 million pallets, saving 10.9 million trees and diverting 3.7 million tons of landfill waste. This move reflects Kamps' commitment to sustainability, aiming to enhance resource efficiency and circularity in its operations.
ING Capital LLC led a $350 million syndicated financing for Auramet Trading and Auramet International, a precious metals merchant. This deal, which closed on July 22, 2022, was oversubscribed and represented an increase from the previous $300 million facility. The lending group included major banks such as Commonwealth Bank of Australia, Rabobank, and HSBC. Auramet aims to leverage this increased credit facility to support its growth amid commodity market volatility. ING and Auramet have a strong longstanding relationship in the financial sector.
On Nov. 8, 2021, BB Energy announced the successful closure of a $500 million senior secured revolving borrowing base credit facility. The facility was oversubscribed, with commitments from eight lenders, starting from an initial launch size of $450 million, and includes a $150 million accordion feature for future growth. This marks a key milestone as it is the first U.S. digital borrowing base facilitated through partnership with Komgo, enhancing transparency and reducing fraud risk through blockchain technology.
On Sept. 28, 2021, Gerald Group announced the successful refinancing of its North American trading hub, GT Commodities LLC, with a Borrowing Base Facility (BBF) of US$450 million, oversubscribed at US$495 million. ING Capital LLC acted as the lead lender, indicating strong confidence from lenders in Gerald's operations amidst ongoing supply chain disruptions. The financing will support Gerald's sustained growth in North America, particularly in the metals sector, which has seen a significant price increase over the past year.
On August 5, 2021, ING Capital LLC announced a successful $300 million syndicated financing for Auramet Trading and Auramet International, surpassing the previous $235 million facility. The deal, which closed on July 30, 2021, highlights ING's role as Mandated Lead Arranger and Bookrunner. The new facility includes a $50 million accordion option, allowing for a potential increase to $350 million and additional credit facilities up to $80 million. Leaders from Auramet and ING expressed confidence in the partnership, emphasizing positive market opportunities in the precious metals sector.
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