Commodity trading group Gerald has closed an oversubscribed US$365mn revolving credit facility (RCF), bringing in several new lenders.
The metals and minerals trader said this year’s refinancing brought an increase of US$135mn to the committed unsecured facility, now in its sixteenth year, following 2025’s US$230mn RCF.
Seven new banks joined the syndicate, which now counts 24 international lenders from around the world, while “several lenders” increased their commitment.
Crédit Agricole Corporate and Investment Bank (CIB) acted as the sole active coordinator of the syndication, as well as joint mandated lead arranger and bookrunner alongside Deutsche Bank. The German lender also served as the facility agent.
Meanwhile, UBS Switzerland returned in its role as bookrunner and mandated lead arranger, and Abu Dhabi Commercial Bank and First Abu Dhabi Bank joined as new bookrunners and mandated lead arrangers.
Arab Banking Corporation, Arab Bank (Switzerland), Banco Do Brasil’s Shanghai branch, Banque de Commerce et de Placements, DBS’s London branch, and Erste Group Bank all return as mandated lead arrangers.
They are joined by new mandated lead arrangers China Merchants Bank (Europe) and Nedbank’s London branch.
Banque Cantonale Vaudoise, Banque Internationale de Commerce, DZ Bank, GarantiBank International, Nexent Bank, Société Générale, UniCredit and Zürcher Kantonalbank all acted as lead arrangers.
They were joined by newcomers China Citic Bank’s Shanghai branch, Raiffeisen Bank International and Union de Banques Arabes et Françaises.
Crédit Agricole’s coverage banker, Alexandre Laguian, said: “We are delighted to have closed this facility at an increased amount compared to the previous year, reflecting the robust fundamentals of Gerald Group’s metals business, the strength of our longstanding client relationship, and the excellent collaboration between all parties involved.
“We are particularly pleased to welcome seven new participants to the syndicate, including First Abu Dhabi PJSC and Abu Dhabi Commercial Bank PJSC, who have joined directly at the bookrunner and mandated lead arranger level. This further underscores the market’s confidence in Gerald Group,” Laguian added.
The increased commitments come amid a boom in metals and minerals markets, partly driven by geopolitical competition for critical minerals used in AI technologies and decarbonisation efforts.
“We are very pleased with the exceptionally strong outcome of this year’s refinancing, which further enhances our financial flexibility in today’s dynamic market environment,” said Patricia Nikolopoulos, Gerald Group’s chief financial officer.
“We are grateful for the overwhelming support from our banking partners and appreciative of the broader market’s response, which together reflect continued confidence in Gerald’s strategy, resilience, and long-term growth ambitions.”
The commodity trader, which specialises in critical minerals, alongside ferrous, non-ferrous and precious metals, also refinanced its North American borrowing base facility in September with a pool of lenders led by Rabobank.
