New York/London, 31 August 2022 – Gerald Group (“Gerald / the Group”) is pleased to announce the successful refinancing of its North America trading hub, GT Commodities LLC’s (“GTC”) Borrowing Base Facility (“BBF”), which raised a record amount at US$770 million.
Rabobank acted as Lead Lender and Administrative Agent for the refinancing of GTC’s current secured financing facility, with Credit Suisse and HSBC as Joint Lead Arrangers (JLAs), Credit Agricole, Deutsche Bank, ING Capital LLC and Wells Fargo Bank as Co-Syndication Agents, and further support from UBS AG, Bank of China, Raiffeisen Bank International, UniCredit and Garanti Bank. The refinancing of GTC’s existing US$450 million facility launched last month at US$550 million. The syndication received record subscriptions of US$770 million, seeing all existing banks increase their participation levels and three new banks added to the facility. GTC closed the syndication at US$650 million.
Mital Patel, Gerald’s Global Head of Finance and Banking, commented: “Gerald Group has in its 60th year, refinanced its North America credit facility early and within record time. We have seen outstanding support from all our existing banks and have expanded GTC’s banking family, raising US$650 million. The new facility benefits from a reduction in pricing and for the first time introduces a sustainable metals sublimit to support our sustainability and ESG initiatives. This level of support is a strong testament from our financial partners in Gerald’s ability to robustly manage risk and extreme volatility and further strengthens GTC’s platform for continued growth.”
“Rabobank is proud to have been able to help Gerald Group successfully refinance GTC’s Borrowing Base Facility,” said David Bassett, Head of Wholesale Banking North America, Rabobank. “This agreement will allow Gerald Group to continue to provide responsive service to its customers, address the growing demand for sustainability-driven initiatives, and remain a trusted and reliable partner for businesses in mining, processing, and the industrial sector.”
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 U.S. and headquartered in the U.K., the Group is the world’s oldest and largest independent and employee-owned metals trading house. Gerald is a dedicated and trusted partner to leading miners and processors, industrial consumers and financial institutions. The Group operates trading hubs in Shanghai, Stamford and Morges for the merchanting of non-ferrous, ferrous and precious metals, and related concentrates and raw materials. Gerald’s global footprint, strong risk management, expert market intelligence, experienced and innovative trading desks, combined with logistics, storage and structured finance solutions, are complemented by strategic relationships, enhancing the business’ capability to provide customers with a diverse and steady supply of responsibly sourced metals.
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 38 countries worldwide. Founded over a century ago, Rabobank today is one of the world’s largest banks with over $660 billion in assets.
In the Americas, Rabobank Wholesale Banking North America is a premier corporate and investment bank to the food, agribusiness, commodities and energy industries. Rabo AgriFinance, a subsidiary of Rabobank, is a leading financial services provider for farmers, ranchers and agribusinesses in the United States. Together, we provide sector expertise, strategic counsel and tailored financial solutions to clients across the entire value chain. Visit www.RabobankWholesaleBankingNA.com and www.RaboAg.com.