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

Rhea-AI Summary

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.

Positive

• Successful $300 million financing indicates strong market confidence.
• Oversubscribed facility enhances Auramet's liquidity for market opportunities.
• ING's role as a leading financial partner reinforces its strength in commodity finance.

Negative

• None.

NEW YORK, Aug. 5, 2021 /PRNewswire/ -- ING Capital LLC ("ING") led a $300 million syndicated financing on behalf of Auramet Trading and Auramet International (collectively, "Auramet"), 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."

About ING

ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base. The purpose of ING Bank NV is empowering people to stay a step ahead in life and in business. ING Bank NV has more than 53,000 employees offer retail and wholesale banking services to customers in over 40 countries. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S. 

The Trade & Commodity Finance franchise of ING Bank NV services clients from eight global locations -both New York and Houston in North America- and was recently voted the #1 Commodity Finance Bank in the World by GTR.

About Auramet

Auramet is a global physical precious metals merchant with over $18 billion in annual revenues providing a full range of services to all participants in the precious metals chain, from extraction and production to manufacturing and consumption.  Auramet is a private company established in 2004 by a team of four seasoned industry professionals who now have been working successfully together for more than 30 years.  Their business is comprised of three main activities: physical metals trading, metals merchant banking (including an active lending business) and advisory. The company has built a consistently successful and prominent franchise in the metals space on the back of an experienced management team that has proven to be innovative and capable of delivering the highest quality service to participants in the sector.

Press enquiries:
Melissa Kanter
Melissa.Kanter@ing.com
+ 646 424 7021

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SOURCE ING Capital LLC

FAQ

What was ING's role in the $300 million financing for Auramet?

ING Capital LLC acted as Mandated Lead Arranger, Bookrunner, and Administrative Agent for the $300 million syndicated financing.

When did the $300 million financing deal close?

The financing deal closed on July 30, 2021.

How does the new financing deal for Auramet compare to the previous facility?

The new financing of $300 million is an increase from the previous facility of $235 million.

What benefits does the new financing facility offer Auramet?

The new facility includes a $50 million accordion option, allowing total financing to increase to $350 million, enhancing liquidity.

How does the oversubscription of the financing reflect on Auramet's performance?

The oversubscription is seen as a validation of Auramet's ability to perform well in challenging markets.