ING Leads $350 Million Syndicated Financing for Precious Metals Merchant Auramet
Jul 27th, 2022 14:45 EST
NEW YORK, July 27, 2022 /PRNewswire/ -- ING Capital LLC ("ING") led a $350 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 a well oversubscribed deal, which closed on July 22, 2022. With support from the lenders, the facility has increased over the past year, from a facility of $300 million.
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.
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.
Auramet is a global physical precious metals merchant with $23 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 cadre of seasoned industry professionals who have assembled a global team of industry specialists with over 350 years combined industry experience. Their business is comprised of three main activities: physical metals trading, metals merchant banking (including being an active lender and running a fund management affiliate) 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. Auramet is also proud to recently be awarded a Silver Medal (87th percentile) for its ESG commitment by Ecovadis, the world's largest and most trusted provider of ESG ratings with a network of more than 90,000 rated companies.
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SOURCE ING Capital LLC