A-Mark signs new $ 350 million credit facility
EL SEGUNDO, Calif., December 21, 2021 (GLOBE NEWSWIRE) – Precious Metals A-Mark, Inc. (NASDAQ: AMRK) (A-Mark), a leading fully integrated precious metals platform, entered into a new three-year, $ 350 million committed credit facility led by CIBC Bank USA, replacing its existing $ 280 million credit facility. The new credit facility is effective December 21, 2021 and expires December 20, 2024. CIBC Bank USA has acted as administrative agent and joint principal arranger.
“The new credit facility reflects the strong performance of our business and the confidence of our financial partners in the resilience of our expanded vertical integration model,” commented A-Mark CEO Greg Roberts. “The increase to $ 350 million represents the largest revolving line in the history of the company, as we have added a number of new lenders to expand our lender base while reducing our interest costs. With this new credit facility, the $ 100 million asset-backed securitization for our secured lending segment and our significant access to precious metal repo and rental facilities, we believe we have significant access to capital at attractive prices to continue to implement our growth strategy. “
Additional details on the credit facility agreement can be found in the company’s current report on Form 8-K, which will be filed with the United States Securities and Exchange Commission by December 27, 2021.
About A-Mark Precious Metals
Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a fully integrated precious metals platform that offers a range of gold, silver, platinum, palladium and copper bars, from numismatic coins and related products to wholesale and retail customers through a portfolio of channels. The company operates in three complementary segments: wholesale and ancillary services, direct-to-consumer sales and secured loan. The company’s global customer base includes sovereign and private currencies, manufacturers and manufacturers, refiners, dealers, financial institutions, industrial users, investors, collectors, e-commerce customers and other retailers.
A-Mark’s Wholesale and Ancillary Services segment distributes and purchases precious metal products from sovereign and private currencies. As the United States Mint’s authorized purchaser of gold, silver and platinum coins since 1986, A-Mark purchases bullion products directly from the United States Mint for sale to its customers. A-Mark also has long-standing concessions with other sovereign currencies, including Australia, Austria, Canada, China, Mexico, South Africa, and the United Kingdom. The company sells over 200 different products to online retailers, coin and bullion dealers, financial institutions, brokerage houses and collectors. In addition, A-Mark sells precious metal products to industrial users, including metal refiners, manufacturers and electronics manufacturers.
Through its subsidiary AM Global Logistics, A-Mark offers its customers a range of complementary services, including managed storage options for precious metals as well as receiving, handling, inventory, processing , packaging and shipping of precious metals and coins on a secure site. based. A-Mark’s coinage operations, which are conducted through its wholly owned subsidiary Silver Towne Mint, enable the company to offer customers a wide range of exclusive coin and bullion offerings and, during periods of market volatility when the availability of silver bullion of sovereign currencies is often limited by the product, privileged access to the product.
A-Mark’s Direct-to-Consumer segment operates as an omnichannel precious metals retailer, providing access to a multitude of products through its wholly owned subsidiaries, JM Bullion and Goldline. JM Bullion is a leading online precious metals retailer and operates five distinct branded websites targeting specific niches in the precious metals market: JMBullion.com, ProvidentMetals.com, Silver.com, GoldPrice. org, SilverPrice.org. Goldline markets precious metals directly to the investment community through a variety of channels, including television, radio and telephone sales efforts. A-Mark also has minority stakes in two other direct-to-consumer brands.
The Company operates its secured lending segment through its wholly owned subsidiaries, Collateral Finance Corporation (CFC) and AM Capital Funding. Founded in 2005, CFC is an authorized financial lender in California that creates and acquires loans secured by bullion and numismatic coins. Its clients include coin and precious metal dealers, investors and collectors. AM Capital Funding was formed in 2018 for the purpose of securitizing qualifying secured loans from CFCs.
A-Mark is headquartered in El Segundo, California, and has additional offices and facilities in the neighboring Los Angeles area as well as Dallas, TX, Las Vegas, NV, Winchester, IN and Vienna, Austria. For more information, visit www.amark.com.
Company details :
Steve Reiner, Executive Vice President, Capital Markets and Investor Relations
Precious Metals A-Mark, Inc.
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Matt Glover or Jeff Grampp, CFA
Investor Relations Gateway
CIBC is a leading financial institution in North America with 11 million personal, corporate, public and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, Canada and around the world. In the United States, CIBC Bank USA provides commercial, private and personal banking, and small business banking solutions, and CIBC Private Wealth offers investment management, wealth management strategies and wealth planning services. Visit us at cibc.com/US.