Precious Metals Merchant Auramet Closes $190 Million Syndicated Financing Arrangement

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.”

About Auramet

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.

About ING

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.

Contacts

Press Enquiries
Cognito
+1 646 395 6300
[email protected]

Precious Metals Merchant Auramet Closes $190 Million Syndicated Financing Arrangement

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.”

About Auramet

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.

About ING

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.

Contacts

Press Enquiries
Cognito
+1 646 395 6300
[email protected]

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