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Investments

8

Portfolio Exits

1

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Latest ING Capital News

ING leads US$300mn syndicated financing for metals trader Auramet

Aug 9, 2021

Global precious metals trader Auramet has signed a US$300mn syndicated borrowing base facility with a group of eight banks, as it works to boost its liquidity amid ongoing volatility in the markets in which it operates. The deal sees Auramet increase its financing from last year’s US$235mn facility, while a spokesperson for ING Capital, which led the financing on behalf of the firm, tells GTR that funding will once again be used for working capital purposes. ING acted as mandated lead arranger, bookrunner and administrative agent on the oversubscribed facility, which was initially launched at US$275mn. Rabobank served as lead arranger. The deal includes a US$50mn accordion feature, allowing Auramet an increase  to US$350mn, and also permits additional bilateral transactional credit facilities of up to US$80mn outside the syndicated borrowing base deal. Alongside ING and Rabobank, other lenders on the deal include Bank of China, Brown Brothers Harriman & Co, CIBC Bank, HSBC, Macquarie Bank and Mizuho. “Long-term partnerships are crucial in the complex commodities markets and we are excited to continue our association with ING and expand our syndicated lending group,” says Mark Edelstein, CFO of Auramet. “This increase in liquidity will allow us to take advantage of the opportunities we currently see in precious metals, well into the future.” Matthew Rosetti, managing director and head of commodity finance North America at ING, notes that the oversubscription of the deal is “further validation of Auramet’s continued ability to perform, despite volatile and challenging markets”. The commodity finance industry was rocked last year by a series of fraud scandals in Singapore and the impact of the Covid-19 pandemic. In the wake of these issues, major banks have announced plans to limit their exposure or withdraw from the space entirely. ABN Amro announced last year that it would cease all trade and commodity finance activities,  while Bloomberg revealed in July last year that Société Générale would shut its Singapore-based trade commodity finance unit, moving operations to Hong Kong and severing ties with smaller traders. In November last year, GTR reported that ING would “refocus” its wholesale banking operations, including trade finance, by targeting a smaller number of core clients – though the bank said at the time the decision was unrelated to the string of fraud scandals in Asia’s commodity finance sector. In the ensuing months, ING then restructured its trade and commodity finance unit and appointed Maarten Koning as global head of the new division. Auramet, which operates globally, says that in 2019 it generated revenues of more than US$14bn from the physical purchase and sales of tens of millions of ounces of gold, silver and platinum group metals.

ING Capital Investments

8 Investments

ING Capital has made 8 investments. Their latest investment was in Aligned Energy as part of their Line of Credit - IV on September 9, 2020.

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ING Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/16/2020

Line of Credit - IV

Aligned Energy

$250M

No

2

9/16/2020

Loan

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$99M

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10

5/12/2020

Line of Credit - III

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$99M

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10

8/20/2019

Loan

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$99M

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10

3/20/2019

Unattributed

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$99M

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10

Date

9/16/2020

9/16/2020

5/12/2020

8/20/2019

3/20/2019

Round

Line of Credit - IV

Loan

Line of Credit - III

Loan

Unattributed

Company

Aligned Energy

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Amount

$250M

$99M

$99M

$99M

$99M

New?

No

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Co-Investors

Sources

2

10

10

10

10

ING Capital Portfolio Exits

1 Portfolio Exit

ING Capital has 1 portfolio exit. Their latest portfolio exit was 365 Data Centers on October 06, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/6/2020

Acq - Fin

1

Date

10/6/2020

Exit

Acq - Fin

Companies

Valuation

Acquirer

Sources

1

ING Capital Acquisitions

1 Acquisition

ING Capital acquired 1 company. Their latest acquisition was Dusogat on January 15, 2008.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

1/15/2008

Leveraged Buyout

1

Date

1/15/2008

Investment Stage

Companies

Valuation

Total Funding

Note

Leveraged Buyout

Sources

1

ING Capital Team

3 Team Members

ING Capital has 3 team members, including current Senior Vice President, Michael Adler.

Name

Work History

Title

Status

Michael Adler

Senior Vice President

Current

William Povey

Senior Vice President

Current

David Scopelliti

Senior Vice President

Current

Name

Michael Adler

William Povey

David Scopelliti

Work History

Title

Senior Vice President

Senior Vice President

Senior Vice President

Status

Current

Current

Current

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