SANTA MONICA, Calif., April 04, 2016 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a full-service precious metals trading company and an official distributor for all the major sovereign Mints, has established a credit line with access up to $275 million, featuring a $225 million base with a $50 million accordion option. The facility has a one-year maturity and replaces the company’s existing $205 million credit facility on more favorable terms.
Rabobank, a global financial services firm providing wholesale and retail banking, is acting as the lead lender and administrative agent in the syndicate. A-Mark intends to use the trading credit facility for the purchase of precious metals from suppliers and for operating cash flow purposes.
“The trading facility provides us with a lower blended rate than that of our previous facility, along with more favorable financial covenants,” said A-Mark CEO Greg Roberts. “As we have discussed previously, this facility also further expands our overall capacity, so that we are in a better position to reach our full earnings potential under the right market conditions.”
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 on April 5, 2016.
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 Santa Monica, California, and Vienna, Austria, for buying and selling precious metals.
In addition to wholesale and trading activity, A-Mark offers customers 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 customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico and South Africa. Customers 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 offers storage and order fulfillment services to its retail customers.
Source:A-Mark Precious Metals