ING Capital LLC 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.
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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.”
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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.
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