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.
Press enquiries:
Elaine Clark
Elaine.Clark@ing.com
+1646-424-7021
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 (NYSE: 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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SOURCE ING Capital LLC