A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a
leading full-service provider of products and services to the
global precious metals market, has expanded its existing credit
facility from $220 million to $257.5 million. The expanded credit
facility will become effective on September 2, 2020 and matures on
March 26, 2021. Rabobank acted as Administrative Agent, Bookrunner
and Joint Lead Arranger.
“The expanded credit facility reflects the continued support
from our lending partners and provides us with additional liquidity
to address higher commodity prices and increased activity levels in
the current environment,” said A-Mark CEO, Greg Roberts.
Additional details of the credit facility agreement are
available in the company’s current report on Form 8-K, which will
be filed with the U.S. Securities and Exchange Commission by
September 4, 2020.
About A-Mark Precious MetalsFounded in 1965,
A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading
full-service precious metals trading company and wholesaler of
gold, silver, platinum and palladium bullion and related products.
The company’s global customer base includes sovereign and private
mints, manufacturers and fabricators, refiners, dealers, financial
institutions, industrial users, investors, collectors, and
e-commerce and other retail customers. The company conducts its
operations through three complementary segments: Wholesale Trading
& Ancillary Services, Secured Lending, and Direct Sales.
A-Mark operates several business units in its Wholesale Trading
& Ancillary Services segment, including Industrial, Coin and
Bar, Trading and Finance, Transcontinental Depository Services
(TDS), Logistics, and the Mint (as more fully described below). Its
Industrial unit services manufacturers and fabricators of products
utilizing precious metals, while its Coin and Bar unit deals in
over 200 different products for distribution to dealers and other
qualified purchasers. As a U.S. Mint-authorized purchaser of gold,
silver and platinum coins, A-Mark purchases bullion products
directly from the U.S. Mint for sale to customers. A-Mark also has
distributorships with other sovereign mints, including Australia,
Austria, Canada, China, Mexico, South Africa and the United
Kingdom. Through its TDS subsidiary, A-Mark provides customers with
a variety of managed storage options for precious metals worldwide.
Through its A-M Global Logistics subsidiary, A-Mark provides
customers an array of complementary services, including receiving,
handling, inventorying, processing, packaging and shipping of
precious metals and custom coins on a secure basis. A-Mark also
holds a majority stake in a joint venture that owns the minting
operations known as SilverTowne Mint (Mint), which designs and
produces minted silver products which provide greater product
selection to customers, price stability within the supply chain as
well as more secured access to silver during volatile market
environments.
The company operates its Secured Lending segment through its
wholly-owned subsidiaries, Collateral Finance Corporation (CFC) and
AM Capital Funding, LLC (AMCF). Founded in 2005, CFC is a licensed
finance lender that originates and acquires loans secured by
bullion and numismatic coins. Its customers include coin and
precious metal dealers, investors, and collectors. AMCF was
formed in 2018 for the purpose of securitizing eligible secured
loans of CFC.
A-Mark operates its Direct Sales segment primarily through its
wholly-owned subsidiary Goldline Inc. (Goldline), a direct retailer
of precious metals for the investor community. Goldline markets
A-Mark’s precious metal products through various channels,
including radio, television, and the Internet.
A-Mark is headquartered in El Segundo, California, with offices
and facilities in Los Angeles, California, Vienna, Austria, Las
Vegas, Nevada, and Winchester, Indiana. For more information, visit
www.amark.com.
Important Cautions Regarding Forward-Looking
StatementsStatements in this press release that relate to
future plans, objectives, expectations, performance, events and the
like are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Securities
Exchange Act of 1934. Future events, risks and uncertainties,
individually or in the aggregate, could cause actual results to
differ materially from those expressed or implied in these
statements. Factors that could cause actual results to differ
include the following: the failure to execute our growth strategy
as planned; greater than anticipated costs incurred to execute this
strategy; changes in the current international political climate
which has favorably contributed to demand and volatility in the
precious metals markets; increased competition for our higher
margin services, which could depress pricing; the failure of our
business model to respond to changes in the market environment as
anticipated; general risks of doing business in the commodity
markets; and other business, economic, financial and governmental
risks as described in in the company’s public filings with the
Securities and Exchange Commission.
The words "should," "believe," "estimate," "expect," "intend,"
"anticipate," "foresee," "plan" and similar expressions and
variations thereof identify certain of such forward-looking
statements, which speak only as of the dates on which they were
made. Additionally, any statements related to future improved
performance and estimates of revenues and earnings per share are
forward-looking statements. The company undertakes no obligation to
publicly update or revise any forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements.
Company Contact:Thor Gjerdrum, PresidentA-Mark
Precious Metals, Inc.1-310-587-1414thor@amark.com
Investor Relations Contact:Matt GloverGateway
Investor Relations1-949-574-3860AMRK@gatewayIR.com
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