Gerald Group closes oversubscribed Revolving Credit Facility

Gerald Group (“Gerald“), the world’s largest independent, employee-owned metals trading house is pleased to have successfully executed its eleventh annual Revolving Credit Facility (“RCF”) for US$ 150 million.

Gerald Group, supported by its relationship banks Credit Agricole, Credit Suisse, Deutsche Bank, DBS Bank, ING Bank, Rabobank, Banco do Brasil, Banque Cantonale Vaudoise, Erste and UniCredit arranged, documented and executed the RCF within record time of under 2 months.

Recognising the challenges faced by the commodity banking community during 2020, the Group opted to scale back lender appetite and not take up the significant oversubscription achieved. Gerald will use the funds to refinance its maturing syndicated revolving credit facility, as well as for general corporate and working capital purposes.

“Despite the turmoil we have all experienced during this COVID year, I’m very pleased with the performance of the Group across all disciplines. The successful execution of the RCF refinancing confirms once again, the strong support from our longstanding banking partners who appreciate the Group’s robust business model, our strong performance and balance sheet strength. Gerald Group is well positioned to take advantage of the anticipated consolidation and renewed interest in the metals space” said Craig DeanGerald Group’s Chairman and Chief Executive Officer.

“The 1-year RCF complements the Group’s secured North American Borrowing Base, which was also oversubscribed during the height of market uncertainty earlier this year. Both these club transactions and our ongoing trade finance bank support demonstrate that, despite the turmoil seen across the banking sector during this year, Gerald remains a trusted metals counterparty that metal financing banks continue to prioritise” said Mital Patel, Global Head of Finance for Gerald Group.