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Gerald Group Earns Green Loan Status for $650 Million Facility
NEW YORK and LONDON, April 11, 2024 /PRNewswire/ — Gerald Group today announced its North American trading hub, GT Commodities’ Borrowing Base sublimit for low-carbon aluminum qualifies as a green sublimit to issue green loans as per Loan Market Association guidelines. This follows the successful conclusion of an independent assessment against the LMA’s green loan principles and other relevant market guidelines.
The facility was successfully refinanced in the second half of 2023 for $650 million and extended for two years, receiving strong support from the market with a substantial oversubscription of more than $200 million.
For its part, Rabobank acted as mandated lead arranger, administrative agent, and green coordinator for the syndicate, which totalled 13 lenders. Credit Agricole, Credit Suisse, HSBC, Deutsche Bank and Wells Fargo joined them as joint lead arrangers with UBS and Natixis acting as co-syndication agents. Bank of China, Garantibank, ING, Raiffeisen Bank International and UniCredit completed the syndicate.
Patricia Nikolopoulos, Gerald Group’s CFO, commented: “We are delighted with the support we have once again received for our banking partners for our Northern American business. This remains a key market for our low-carbon aluminum and our other refined metals trading.”
“Rabobank is pleased to have successfully managed the refinancing of Gerald’s borrowing base facility,” said David Bassett, CEO ad interim of Rabobank Wholesale Banking North America. “This deal reflects the trusted relationship we have with Gerald and our innovative approach to meeting client needs. Adding a green loan feature to the facility is a testament to Rabobank’s expertise in sustainable finance and our steadfast commitment to banking the energy transition.”
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 US and headquartered in the UK, the Group is the world’s oldest and largest independent and employee-owned metals trading house. Gerald is a dedicated and trusted partner to leading miners and processors, industrial consumers and financial institutions. The Group operates trading hubs in Shanghai, Stamford and Morges for the merchanting of non-ferrous, ferrous and precious metals, and is one of the oldest and largest traders in primary and secondary aluminum, alumina and bauxite. Gerald’s global footprint, strong risk management and expert market intelligence combined with logistics, storage and structured finance solutions are complemented by strategic relationships, enhancing the business’ capability to provide customers with a diverse and steady supply of responsibly sourced metals. Visit www.gerald.com.
About Rabobank
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 38 countries worldwide. Founded over a century ago, Rabobank today is one of the world’s largest banks with more than $660 billion in assets. In the Americas, Rabobank Wholesale Banking North America is a premier corporate and investment bank to the food, agribusiness, commodities and energy industries.
To learn more, visit www.RabobankWholesaleBankingNA.com.
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View original content:https://www.prnewswire.co.uk/news-releases/gerald-group-earns-green-loan-status-for-650-million-facility-302114628.html
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Cortical.io and Swiss Re collaborate to transform insurance document processing
The post Cortical.io and Swiss Re collaborate to transform insurance document processing appeared first on HIPTHER Alerts.
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GC congratulates NatureWorks and Krungthai Bank on closing a significant financing deal for NatureWorks’ Ingeo PLA Manufacturing Expansion worth 12.6 billion baht, Supporting Thailand’s Ambitious Bio-Circular-Green (BCG) Strategy
BANGKOK, May 17, 2024 /PRNewswire/ — Mr. Narongsak Jivakanun (Second from left), CEO of PTT Global Chemical Public Company Limited (GC) presided over the signing ceremony and extended his congratulations to Krungthai Bank and NatureWorks – a joint venture of GC and a leading manufacturer of polylactic acid (PLA) biopolymers made from renewable resources. This is the historic financial support from Krungthai Bank PCL, Thailand’s third largest bank, to optimize the capital structure for the new fully-integrated Ingeo™️ PLA manufacturing facility in Thailand. The financing amounting to $350M USD (12,600M Baht Equivalent), is one of the singular largest loans in the bank’s decades-long history to supporting loans for Green Field project in the Green/Bio businesses. It reinforces GC’s core mission of operating sustainable business practices aligned with the Bio-Circular-Green Economy (BCG) Model for Thailand’s sustainable development.
The funding will not only support the construction of the plant and its ongoing operations but also enables NatureWorks to be competitive in the biomaterials market, pioneering new frontiers for bioplastic applications and advancing biobased solutions with sufficient capacity to capture packaging and fiber customers across the Asia-Pacific region and the rapidly growing global market.
The NatureWorks plant, currently under construction, is the first bio-complex in Thailand, established in line with the government’s BCG economic development strategy, located in Nakhon Sawan province. The project is progressing according to plan, with full-scale production expected to commence in 2025. The plant will have a PLA production capacity of 75,000 tons per year under the Ingeo™️ brand, using locally sourced sugarcane as the primary raw material from local farmers.
For more details, please visit https://www.pttgcgroup.com/en/newsroom/news/1359/
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