Bank of China contributes to a $190 million USD syndicated revolving credit facility with Auramet International for refinancing purposes

Project narrative

In May 2019, a syndicate of seven lenders — including the Bank of China (BOC) — entered into a $190 million USD syndicated revolving credit facility (RCF) agreement with Auramet International, LLC — a Puerto Rico-incorporated global physical precious metals merchant and trader headquartered in San Juan, Puerto Rico and a wholly-owned subsidiary of Auramet Trading, LLC, a Delaware-incorporated metals company based in Teaneck, New Jersey — for refinancing purposes. This RCF carried a maturity period of one year. The proceeds were used by the borrower to replace (refinance) a $185 million USD RCF from May 2018. Record ID#105988 captures BOC's contribution. In addition to BOC, the following lenders contributed to the RCF: ING Capital LLC, Coöperatieve Rabobank U.A. (Rabobank), Macquarie Bank Limited, Mizuho Bank (USA), Brown Brothers Harriman & Co. (BBH), and Bank Hapoalim B.M. ING Capital served as Administrative Agent and structured and arranged the RCF. The RCF was oversubscribed from the previous facility, with BOC joining as a new lender. Then, on August 7, 2020, financial close was reached on a deal in which a syndicate of eight banks — including BOC — entered into a $235 million USD syndicated borrowing base facility with Auramet International, LLC and Auramet Trading, LLC for refinancing and working capital purposes. This facility included a $25 million USD accordion feature, to increase the facility to $260 million USD and allowed for additional bilateral transactional credit facilities up to $50 million USD outside the syndicated borrowing base facility. The proceeds were to be used for working capital needs and to replace (refinance) the existing $185 million USD RCF. Record ID#105989 captures BOC's contribution. On July 30, 2021, financial close was reached on a deal in which a syndicate of eight banks — including BOC — entered into a $300 million USD syndicated borrowing base facility with Auramet International, LLC and Auramet Trading, LLC for refinancing and working capital purposes. This facility included a $50 million USD accordion feature, to increase the facility to $350 million USD and allowed for additional bilateral transactional credit facilities up to $80 million USD outside the syndicated borrowing base facility. The proceeds were to be used for working capital needs and to replace (refinance) the existing $235 million USD RCF. Record ID#105990 captures BOC's contribution. On July 22, 2022, financial close was reached on a deal in which a syndicate of seven banks — not including BOC — entered into a $350 million USD syndicated facility agreement with Auramet International and Auramet Trading for refinancing purposes. The proceeds were used to replace (refinance) the existing $300 million USD facility.