Gerald Group's North American hub achieves green loan accreditation for low-carbon aluminium

AL Circle

On April 11, 2024, Gerald Group unveiled its North American trading centre, GT Commodities. It revealed that its Borrowing Base sublimit for low-carbon aluminium meets the criteria for a green sublimit, allowing for the issuance of green loans in accordance with Loan Market Association guidelines. This achievement comes after a rigorous evaluation of the LMA's green loan principles and other pertinent market standards.

Gerald Group's North American hub achieves green loan accreditation for low-carbon aluminium

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Gerald Group, established in 1962 in the United States and headquartered in the UK, is committed to fostering sustainable and responsible global trade and economic growth. As the world's most seasoned and sizable independent metals trading company, Gerald Group is entirely owned by its employees. It has earned a reputation as a dedicated and reliable partner for leading miners, processors, industrial consumers, and financial institutions. Operating from strategic trading hubs in Shanghai, Stamford, and Morges, Gerald Group specialises in trading non-ferrous, ferrous, and precious metals. Renowned as one of the foremost traders in primary and secondary aluminium, alumina, and bauxite, the Group plays a pivotal role in the global metals market.

In the latter half of 2023, the facility underwent successful refinancing, securing $650 million and a two-year extension. The market displayed robust support, evidenced by a significant oversubscription exceeding $200 million.

Rabobank played a pivotal role as the mandated lead arranger, administrative agent, and green coordinator for the syndicate, which comprised 13 lenders. Credit Agricole, Credit Suisse, HSBC, Deutsche Bank, and Wells Fargo joined as joint lead arrangers. At the same time, UBS and Natixis served as co-syndication agents. Bank of China, Garantibank, ING, Raiffeisen Bank International, and UniCredit completed the syndicate.

Patricia Nikolopoulos, Gerald Group's CFO, said, "We are delighted with the support we have once again received from our banking partners for our Northern American business. This remains a key market for our low-carbon aluminium and other refined metals trading."

David Bassett, CEO ad interim of Rabobank Wholesale Banking North America, says, "Rabobank is pleased to have successfully managed the refinancing of Gerald's borrowing base facility."

"This deal reflects our trusted relationship 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."

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 is one of the world’s largest banks, with over $660 billion in assets.

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