NEW
YORK, July 27, 2022 /PRNewswire/ -- ING
Capital LLC ("ING") led a $350
million syndicated financing on behalf of Auramet Trading
and Auramet International (collectively, "Auramet"), a
precious metals merchant. ING acted as Mandated Lead Arranger,
Bookrunner and Administrative Agent on a well oversubscribed deal,
which closed on July 22, 2022.
With support from the lenders, the facility has increased
over the past year, from a facility of $300
million.
Today's facility closed with the addition of the Commonwealth
Bank of Australia to the
syndicate. The lending group also included previous participants
Rabobank, acting as Lead Arranger, as well as HSBC Bank
USA N.A., Macquarie Bank Limited,
CIBC Bank USA and Brown Brothers
Harriman & Co.
"As our business grows, we continue to get excellent support
from our lending group whom we view as partners in our business
rather than just lenders," said Mark
Edelstein, CFO of Auramet. "We are grateful that ING has
once again arranged such a comprehensive group of financial
institutions experienced in commodities."
ING and Auramet have a long-standing relationship, with ING
acting as Lead Arranger for several previous syndicated
facilities.
"This is a unique moment in time for commodity markets. Elevated
prices and market volatility require risk management acumen and
even greater access to sufficient liquidity. Auramet has a long,
positive track record in managing both, and this increased credit
facility will ensure they can appropriately fund their continued
growth," said Matthew Rosetti,
Managing Director and Head of Commodity Finance North America at
ING.
About ING
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 Groep NV
(NYSE: ING), a global financial institution with a strong European
base. The purpose of ING Bank is empowering people to stay a step
ahead in life and in business. ING Bank's more than 53,000
employees offer retail and wholesale banking services to customers
in over 40 countries. Please note that neither ING Groep NV nor ING
Bank NV have a banking license in the U.S. and are therefore not
permitted to conduct banking activities in the U.S.
About Auramet
Auramet is a global physical precious metals merchant with
$23 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. Auramet is a private company
established in 2004 by a cadre of seasoned industry professionals
who have assembled a global team of industry specialists with over
350 years combined industry experience. Their business is
comprised of three main activities: physical metals trading, metals
merchant banking (including being an active lender and running a
fund management affiliate) 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. Auramet is also proud to recently
be awarded a Silver Medal (87th percentile) for its ESG
commitment by Ecovadis, the world's largest and most trusted
provider of ESG ratings with a network of more than 90,000 rated
companies.
Press enquiries:
Melissa Kanter
Melissa.Kanter@ing.com
+ 646 424 7021
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ing-leads-350-million-syndicated-financing-for-precious-metals-merchant-auramet-301594452.html
SOURCE ING Capital LLC