Bank of China contributes to a 2023 $650 million USD syndicated facility to GT Commodities for refinancing and general corporate purposes

Project narrative

On October 4, 2019, a syndicate of seven banks — including the Bank of China (BOC) — entered into a $300 million USD syndicated borrowing base revolving credit facility (RCF) agreement with GT Commodities LLC (GTC) — a Delaware-incorporated metals trader headquartered in Stamford, Connecticut and a wholly-owned subsidiary of and the North American trading hub for Gerald Group Limited, the England and Wales-incorporated global independent employee-owned metal trading house and commodities trader headquartered in London, the United Kingdom — to support its growth ambitions. The RCF was secured (i.e. collateralized). The RCF included a $50 million USD accordion feature. The proceeds were to be used by the borrower to support its growth ambitions. Record ID#105995 captures BOC's contribution. In September 2021, a syndicate of nine banks — including BOC — entered into a $450 million USD syndicated borrowing base facility (BBF) agreement with GT Commodities LLC for refinancing and general corporate purposes. This facility was secured. The proceeds were to be used by the borrower to refinance the existing borrowing base facility of GT Commodities — the 2019 $300 million USD RCF — and to support the borrower's activities in North America. Record ID#105996 captures BOC's contribution. In August 2022, a syndicate of 12 banks — including BOC — entered into a $650 million USD syndicated BBF agreement with GT Commodities LLC for refinancing and general corporate purposes. This facility was secured. The proceeds were to be used by the borrower to refinance the existing $450 million USD BBF from September 2021 and support its business activities. This facility featured a sustainable metals sub-limit to support the borrower's sustainability and environmental, social, and governance (ESG) initiatives, namely the low carbon aluminum business of GT Commodities.. Record ID#105997 captures BOC's contribution. In the second half of 2023, a syndicate of 13 lenders — including BOC — entered into a $650 million USD syndicated BBF agreement with GT Commodities LLC for refinancing and general corporate purposes. This facility carried a maturity period of (at least) two years. The proceeds were to be used by the borrower to refinance the existing $650 million USD BBF from August 2022 and included a sub-limit for its low-carbon aluminum business, the sub-limit in April 2024 being assessed as a green sublimit per the Loan Market Association's green loan principles. Record ID#105998 captures BOC's contribution. In addition to BOC, the following lenders contributed to the RCF: Coöperatieve Rabobank U.A. (Rabobank), Credit Suisse AG, HSBC Bank, Crédit Agricole Group, Deutsche Bank, Wells Fargo Bank, N.A., UBS AG, Natixis, Raiffeisen Bank International, UniCredit S.p.A., Garanti Bank, and ING Capital LLC. Rabobank served as administrative agent, mandated lead arranger, and green coordinator. Crédit Agricole, Credit Suisse, HSBC, Deutsche Bank, and Wells Fargo served as joint lead arrangers. UBS and Natixis served as co-syndication agents. This facility was oversubscribed by over $200 million USD.