Metals firm Gerald Group successfully raises US$700 million for North American Borrowing Base

Gerald Group has announced the successful refinancing and upsizing of its senior secured Borrowing Base ("the Facility") for GT Commodities LLC, the Group's North American trading entity, totalling US$700 million. The 2-year Facility consists of a US$670 million Revolving Credit Facility, and a new US$30 million Standby Letter of Credit Facility, which provides an efficient margin financing solution to support the Group's hedging strategies on commodity exchanges. The Facility also includes a Green and Transition Loan sublimit which doubled to US$200 million, supporting the purchase, storage, transport, and delivery of low-carbon metals across North America.

Gerald Group CFO, Patricia Nikolopoulos, commented: "We are grateful for the continued strong support of our banking partners, which has enabled both the growth and diversification of our borrowing base facility. The introduction of a standby letter of credit represents a notable advancement in the structure of the facility and is a progressive development within the market. This enhanced framework strengthens our financing flexibility and improves the efficiency of our hedging activities, which together with our sustainability-linked loan adds meaningful value to our trading business."

David Bassett, Head of Wholesale Banking North America at Rabobank said: "We are delighted to partner with Gerald Group on this innovative financing transaction supporting their borrowing base facility. This deal reflects the type of lending opportunities where Rabobank excels, and the inclusion of green and transition loan features underscore our steadfast commitment to sustainable finance and our role in accelerating the energy transition."

Further Details on Gerald's North American Borrowing Base

• Among the syndicate of 15 lenders, Rabobank acted as Administrative Agent, Swingline Lender, a Primary Facility Issuing Lender, a Dedicated LC Tranche Issuing Lender, Sole Bookrunner, Mandated Lead Arranger, and a Joint Sustainability Coordinator.
• Wells Fargo served as a Primary Facility Issuing Lender, and together with Crédit Agricole also acted as Dedicated LC Tranche Issuing Lenders.
• HSBC Bank USA, Wells Fargo, Crédit Agricole, and Deutsche Bank AG Amsterdam Branch acted as Joint Lead Arrangers.
• Natixis, New York Branch served as a Joint Sustainability Coordinator, while UBS Switzerland AG acted as Syndication Agent for the Facility.
• The syndicate was completed by Bank of China, Garanti Bank, ING Capital LLC, Raiffeisen Bank International, UniCredit, CIBC, DZ Bank, and ICBC Standard Bank.

About Gerald Group

Founded in 1962 in the U.S., Gerald Group is a leading global commodity trader specializing in non-ferrous, ferrous, and precious metals. Led by Executive Chairman and CEO, Craig Dean, Gerald Group has an investment approach that focuses on long-term partnerships and engagement with stakeholders. Gerald Group's global presence and infrastructure include offices and trading hubs in Stamford, Geneva, Shanghai, and Dubai, complemented by strategic investments, expert market intelligence, strong risk management, logistics, and structured finance solutions.