Auramet International, a precious metals merchant, has announced the closure of a $350m syndicated revolving credit facility, with Macquarie Group’s Commodities and Global Markets division acting as the lead arranger.
The division also acted as bookrunner and administrative agent for the facility, which was considerably oversubscribed.
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The revolving credit facility is designed to complement the company’s existing bilateral banking arrangements.
Auramet CFO Kimberly Oates said: “Auramet’s relationships and industry knowledge are the foundation of our 21-year history and our banks have consistently provided the strong support needed for our growth.
“Auramet strives to deliver the highest level of service to our clients through our understanding of their business and market conditions, and we pair that with experienced and responsive bankers in the commodity finance business. Liquidity is paramount in this industry, and this syndication will provide us additional capacity to meet the needs of our clients.”
The transaction saw Natixis, New York Branch, being added to Auramet’s consortium of banking partners.
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By GlobalDataThe existing bank group includes institutions such as Brown Brothers Harriman & Co, CIBC Bank USA, Commonwealth Bank of Australia, Coöperatieve Rabobank, HSBC Bank USA and Wells Fargo Bank.
Macquarie’s Commodities and Global Markets business senior managing director John Spillane said: “We are pleased to provide the facility, further supporting Auramet and the financing of its global precious metals merchant business.
“As a leader in commodity financing, Macquarie provided vital liquidity in collaboration with the financial institutions that comprise Auramet’s bank group.”
This latest announcement follows Macquarie’s previous facilitation of a $300m syndicated revolving credit facility for Auramet, which also saw a robust subscription rate.
