PRESS RELEASE – FOR IMMEDIATE RELEASE
Gerald Group closes oversubscribed Revolving Credit Facility of US$ 253.5 million for the tenth consecutive year
London, 15 January 2020 – Gerald Group (“Gerald”), the world’s largest independent, employee-owned metals trading house is pleased to have successfully executed its tenth annual Revolving Credit Facility (“RCF”) for US$ 253.5 million.
The syndication, made up of an enlarged group of thirteen banks, including existing and new banking partners, was led by Credit Agricole Corporate & Investment Bank and ING Bank N.V. in their roles as Bookrunner and Coordinator, and a core group of lead arrangers including BNP Paribas, Credit Suisse and Deutsche Bank.
“I am pleased that the outstanding support from our leading commodity banking partners affords the Group valuable lender diversity, which in turn will support our continued growth globally. We have to thank Credit Agricole Corporate & Investment Bank and ING and all the banks that participated, for their continued support and confidence in Gerald,” said Craig Dean, Gerald Group’s Chairman and Chief Executive Officer.
“The 1-year RCF was launched in mid-October at US$ 200 million, with close to fifty per cent of the lending group pre-approved, and as a result of strong support, we closed less than sixty days later, with a higher commitment after seeing Gerald take part of the oversubscription, at US$ 253.5 million. The successful closure of our tenth consecutive financing demonstrates the strong relationship with our bank group” said Mital Patel, Global Head of Finance for Gerald Group.
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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 complemented by strategic relationships, enhancing the business’ capability to provide customers access to a diverse and steady supply of resources