A-Mark Precious Metals Renews $275 Million Credit Facility
EL SEGUNDO, Calif., Aug. 18, 2017 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), (“A-Mark”), a full-service precious metals trading company and an official distributor for all the major sovereign mints, has renewed its syndicated line of credit, led by Administrative Agent Cooperatieve Rabobank U.A. (“Rabobank”) with access of up to $275 million, featuring a $225 million base with a $50 million accordion option. The facility marks the renewal and replacement of the company’s existing credit facility.
Rabobank, a global financial firm providing wholesale and retail banking services, is acting as the Sole Lead Arranger / Bookrunner and Administrative Agent in the syndicate. Natixis, the second largest bank in France, has been awarded the role of Syndication Agent. A-Mark intends to use the credit facility proceeds for the purchase of precious metals from suppliers and for general operating cash flow purposes.
“This facility meets our current liquidity requirements and, if needed, provides additional capacity, so that we are well positioned to realize our full earnings potential when we see increases in market volatility and customer demand,” said A-Mark CEO Greg Roberts. “We are also pleased to welcome Macquarie Bank Limited as a new participant in our syndication. Their expertise in commodity finance makes them a great addition to the group of high-quality lenders that participate in our credit facility.”
Additional details of the credit facility agreement are available in the company’s current report on Form 8-K, to be filed with the U.S. Securities and Exchange Commission by no later than August 24, 2017.
About A-Mark Precious Metals
A-Mark Precious Metals, Inc. is a full-service precious metals trading company and an official distributor for many government mints throughout the world. The company offers gold, silver, platinum and palladium in the form of bars, plates, powder, wafers, grain, ingots and coins. Its Industrial unit services manufacturers and fabricators of products utilizing or incorporating precious metals, while its Coin & Bar unit deals in over 200 coin and bar products in a variety of weights, shapes and sizes for distribution to dealers and other qualified purchasers. The company operates trading centers in El Segundo, California, and Vienna, Austria, for buying and selling precious metals.
In addition to wholesale and trading activity, A-Mark offers clients a variety of services, including financing, consignment and various customized financial programs. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to clients. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico and South Africa. Clients of A Mark include mints, manufacturers and fabricators, refiners, coin and metal dealers, banks and other financial institutions, jewelers, investors and collectors. For more information about A-Mark Precious Metals, visit www.amark.com.
Through its subsidiary Collateral Finance Corporation, a licensed California Finance Lender, the company offers loans collateralized by numismatic and semi-numismatic coins and bullion to coin and metal dealers, investors and collectors. Through its Transcontinental Depository Services subsidiary, it offers a variety of managed storage options for precious metals products to financial institutions, dealers, investors and collectors around the world. Through its A-M Global Logistics subsidiary, the company provides its clients an array of complementary services, including storage, shipping, handling, receiving, processing, and inventorying of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint. SilverTowne Mint is a leading producer of fabricated silver bullion and specialty products. For more information about SilverTowne Mint, please visit www.silvertownemint.com.
Company Contact: Thor Gjerdrum, President A-Mark Precious Metals, Inc. 310-587-1414 thor@amark.com Investor Relations Contact: Matt Glover or Najim Mostamand Liolios Group, Inc. 949-574-3860 AMRK@liolios.com
Released August 18, 2017