GT Commodities, the US-based trading hub of metals merchant Gerald, has renewed its North American syndicated borrowing base credit facility.

The oversubscribed US$240mn agreement, which had an initial launch amount of US$175mn, will support Gerald’s existing metal trading, logistics and merchant activities in North America, while an accordion feature will accommodate the growth and expansion of GT Commodities.

A spokesperson for Gerald could not immediately disclose the size of the feature.

ING Capital acted as lead lender and administrative agent for the facility, with Rabobank serving as lead arranger. Credit Suisse, Crédit Agricole, HSBC and Deutsche Bank were the other banks joining the syndicate.

Matthew Rosetti, head of commodity finance for ING in North America, says: “The success of this syndication, amidst unprecedented global economic conditions and a very challenged commodity finance market, is a reflection of Gerald’s established position in the diversified metals space.”

He adds: “The financial flexibility that this facility provides will support well the company’s ambitions in the North American region.”

As well as North America, Gerald has trading hubs in Shanghai and Switzerland. Goods traded by GT Commodities include copper, aluminium, tin, cobalt and precious metals.

This latest deal renews a US$300mn facility signed last year, which saw ING act as administrative agent with Deutsche Bank and Rabobank as joint lead arrangers. The syndicate was comprised of MUFG, Bank of China, HSBC and Crédit Agricole.

The facility’s structure included a US$50mn accordion feature which provided Gerald with the flexibility to expand the deal in order to support GT Commodities’ growing business in the North America region.