NEW YORK--(BUSINESS WIRE)--Auramet International (collectively, “Auramet”) has closed a $190 million syndicated financing deal. ING Capital LLC (“ING”) as Administrative Agent, structured and arranged the revolving credit facility, whose syndicate is comprised of commodity finance banks including Rabobank, Macquarie, Mizuho USA, Brown Brothers Harriman & Co, Bank of China and Bank Hapoalim. The transaction was oversubscribed and an increase over the last facility.
“Auramet is pleased to have renewed and increased this facility as it is important to our continued growth,” said Mark Edelstein, CFO of Auramet. “Liquidity is an important part of our success as a commodities trading company and ING continues to be a strong partner for us.” Mark added, “The Platinum Group Metals market has exploded this year with palladium prices rocketing up over 80% in just 7 months and rhodium prices up 30% in two months earlier this year. That together with strong gold price volatility on the back of uncertain geopolitical events including trade wars and Brexit has been a strong boost for the growth of our business. We see these trends continuing for at least the next 6 months and this bank support will certainly assist us in taking advantage of business opportunities in our markets.”
“ING appreciated the opportunity to lead Auramet’s syndicated transaction,” said Matthew Rosetti, Managing Director and Head of Commodity Finance North America at ING. “Auramet continues to be very well positioned in the metals space and is a valued relationship for ING.”
Auramet is a global physical precious metals merchant with over $13 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. With headquarters in San Juan, Puerto Rico, 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 to be innovative and capable of delivering the highest quality service to participants in the sector.
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 GTR. ING Capital LLC is an indirect U.S. subsidiary of ING Group N.V., a global financial services company with a network spanning 40 countries. ING Group has 51,000 employees helping its 36.9 million customer base manage their money and meet financial goals. ING, in the US, offers a full array of wholesale financial products, such as commercial lending, and a full range of financial markets products and services through ING Financial Holdings Corporation, and its affiliates.