A-Mark Precious Metals Renews $270 Million Revolving Credit Facility
March 20 2020 - 3:45PM
A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a
leading full-service provider of products and services to the
global precious metals market, has executed the renewal of its
existing $270 million credit facility, which consists of a $220
million revolving credit facility with a $50 million accordion
feature. The renewal will become effective on March 27, 2020 and
matures on March 26, 2021. Rabobank acted as Administrative Agent,
Bookrunner and Joint Lead Arranger, and Natixis acted as Joint Lead
Arranger and Syndication Agent.
“The renewal of our credit facility reflects the
continued support by our lending partners and provides us with
sufficient liquidity to operate in the current environment,” said
A-Mark CEO, Greg Roberts. “We added an additional lender this year
allowing us to increase the facility and expand our lender base.
With this $270 million credit facility dedicated to our Wholesale
Trading segment, and the $100 million asset-backed securitization
for our Secured Lending segment, we have impactful financing
vehicles in place to focus on growing our business to new
levels.”
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 March 25, 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 California 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.
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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