ING Leads $350 Million Syndicated Financing for Precious Metals Merchant Auramet
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.
- Oversubscribed financing increased from $300 million to $350 million.
- Involvement of major financial institutions enhances credibility.
- ING and Auramet's long-standing relationship promotes investor confidence.
- None.
NEW YORK, July 27, 2022 /PRNewswire/ -- ING Capital LLC ("ING") led a
Today's facility closed with the addition of the Commonwealth Bank of Australia to the syndicate. The lending group also included previous participants Rabobank, acting as Lead Arranger, as well as HSBC Bank USA N.A., Macquarie Bank Limited, CIBC Bank USA and Brown Brothers Harriman & Co.
"As our business grows, we continue to get excellent support from our lending group whom we view as partners in our business rather than just lenders," said Mark Edelstein, CFO of Auramet. "We are grateful that ING has once again arranged such a comprehensive group of financial institutions experienced in commodities."
ING and Auramet have a long-standing relationship, with ING acting as Lead Arranger for several previous syndicated facilities.
"This is a unique moment in time for commodity markets. Elevated prices and market volatility require risk management acumen and even greater access to sufficient liquidity. Auramet has a long, positive track record in managing both, and this increased credit facility will ensure they can appropriately fund their continued growth," said Matthew Rosetti, Managing Director and Head of Commodity Finance North America at ING.
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 is empowering people to stay a step ahead in life and in business. ING Bank's 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.
About Auramet
Auramet is a global physical precious metals merchant with
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SOURCE ING Capital LLC
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