NEW YORK, Oct. 8, 2019 /PRNewswire/ -- ING Capital LLC ("ING") led a US$300 million syndicated financing on behalf of GT Commodities LLC ("GTC" / "Company"), the North American trading hub for Gerald Group, the world's largest employee owned metals merchant. The deal closed on October 4, 2019. ING, as Administrative Agent, structured and arranged this inaugural revolving credit facility. Deutsche Bank and Rabobank acted as Joint Lead Arrangers. The deal was well oversubscribed and the syndicate is comprised of commodity finance lenders including MUFG, Bank of China, HSBC and Credit Agricole.
The facility's structure includes a US$50 million accordion feature which provides Gerald with the flexibility to expand the deal to support GTC's growing business in the North American region.
"Gerald Group is extremely pleased to have closed this debut transaction for which there was very strong support from the commodity finance community. This facility is important in underpinning the Group's continued growth ambitions for North America," said Mital Patel, Global Head of Finance, Gerald Group. "ING is one of Gerald's most valued global finance partners. For this deal, their team in New York proved to be quick and responsive. Working with Rabobank and Deutsche, they provided Gerald and the extended banking group with competitive terms and certainty of execution, which was critical for such an important transaction."
"ING appreciated the opportunity to lead Gerald's inaugural syndicated transaction," said Matthew Rosetti, Managing Director, Trade & Commodity Finance. "Gerald is an important relationship for ING. This was a unique opportunity to continue expanding our presence in the North American commodity banking market, and it was a pleasure working with Gerald's experienced management team on this important milestone. Gerald is well-positioned in the diversified metals space and this credit facility provides them with a scalable financing solution upon which to continue growing their business in the region."
ING's Trade & Commodity Finance franchise services clients from eight global locations and was recently voted the #1 Commodity Finance Bank in the World by Global Trade Review.
ING Capital LLC is an indirect U.S. subsidiary of ING Group N.V. ("ING"), a global financial services company with a network spanning 40 countries. ING 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.
About Gerald Group
Gerald Group aims to contribute to world trade and economic development in a sustainable and responsible manner. Founded in 1962 in the United States, the Group is the world's oldest and largest independent and employee-owned metals trading house. Headquartered in London, the Group is led by Chairman and CEO Craig Dean. Gerald is a dedicated and trusted partner to leading miners and processors, industrial consumers and major financial institutions and has market presence in all regions of the world. The Group operates trading hubs in Shanghai, Stamford and Switzerland for the merchanting of non-ferrous, ferrous and precious metals and related concentrates and raw materials. Gerald's global footprint, conservative risk management culture, expert market intelligence, deeply experienced and innovative trading desks combined with logistics, storage and structured finance solutions, are complimented by strategic relationships, enhancing the business' capability to provide customers access to a diverse and steady supply of resources.