NEW YORK, June, 6, 2018 /PRNewswire/ -- ING Capital LLC ("ING") led a $185 million syndicated financing on behalf of Auramet Trading and Auramet International (collectively, "Auramet"), a well-regarded precious metals merchant. The deal closed on May 23, 2018. ING, as Administrative Agent, structured and arranged the revolving credit facility, whose syndicate is comprised of commodity finance banks including Rabobank, Macquarie Bank Limited, Mizuho Bank, Ltd., Brown Brothers Harriman & Co. and Bank Hapoalim. The transaction was oversubscribed.
The facility includes a $50 million accordion feature which provides Auramet with the ability to the increase the amount to $235 million. Also, the facility permits additional bilateral transactional credit facilities up to $75 million outside of the syndicated borrowing base deal. ING provides a $25 million bilateral line of credit for transactional borrowings as part of this feature.
"Auramet is very excited to have closed this transaction, which is an important step forward in the evolution of our bank financing," said Mark Edelstein, CFO of Auramet. "Liquidity is the lifeblood of a commodities trading company and ING was the perfect partner for us on this transaction. They proved to be quick and responsive, offered competitive terms with a great deal of flexibility, and provided us and the bank group with certainty of execution, which was critical for the transaction."
"ING appreciated the opportunity to lead Auramet's inaugural syndicated transaction," said Matthew Rosetti, Managing Director and Head of Commodity Finance North America at ING. "Auramet has been a valued relationship for ING and it was a pleasure working with their experienced management team on this important milestone in their corporate history. The company is very well positioned in the metals space and this credit facility provides them with a scalable financing solution upon which to continue growing their business."
ING's Trade & Commodity Finance franchise services clients from nine global locations and was recently voted the #1 Commodity Finance Bank in the World by Global Trade Review.
ING CAPITAL PROFILE
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 Group (ING), a global financial institution of Dutch origin. The purpose of ING Bank is empowering people to stay a step ahead in life and in business.
AURAMET TRADING PROFILE
Auramet is a global physical precious metals merchant providing a full range of services to all participants in the precious metals chain, from extraction and production to manufacturing and consumption. With headquarters in Teaneck, NJ, Auramet is a private company established in 2004 by a team assembled from the Mining Finance and Corporate Finance divisions of Standard Bank NY (and before that Gerald Metals). Their business is comprised of three main activities: physical metals trading, metals merchant banking 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 innovative and capable of delivering the highest quality service to participants in the sector.
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