A-Mark Precious Metals, Inc. (NASDAQ:
AMRK) (A-Mark), a leading fully integrated precious metals
platform, has closed a new three-year, committed $350 million
credit facility led by CIBC Bank USA, replacing its existing $280
million credit facility. The new credit facility became effective
on December 21, 2021 and matures on December 20, 2024. CIBC Bank
USA acted as Administrative Agent, and Joint Lead Arranger.
“The new credit facility reflects the strong
performance of our business and our capital partners’ confidence in
the resiliency of our expanded vertically integrated model,”
commented A-Mark CEO, Greg Roberts. “The upsizing to $350 million
represents the largest revolving line in the company’s history as
we 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 repo and precious metals
lease facilities, we believe we have significant access to
attractively priced capital to continue executing on our growth
strategy.”
Additional details of the credit facility
agreement are available in the company’s current report on Form
8-K, which will be filed with the U.S. 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 leading fully integrated precious metals
platform that offers an array of gold, silver, platinum, palladium,
and copper bullion, numismatic coins and related products to
wholesale and retail customers via a portfolio of channels. The
company conducts its operations through three complementary
segments: Wholesale Sales & Ancillary Services,
Direct-to-Consumer, and Secured Lending. The company’s global
customer base spans sovereign and private mints, manufacturers and
fabricators, refiners, dealers, financial institutions, industrial
users, investors, collectors, and e-commerce and other retail
customers.
A-Mark’s Wholesale Sales & Ancillary
Services segment distributes and purchases precious metal products
from sovereign and private mints. As a U.S. Mint-authorized
purchaser of gold, silver, and platinum coins since 1986, A-Mark
purchases bullion products directly from the U.S. Mint for sale to
customers. A-Mark also has longstanding distributorships with other
sovereign mints, including Australia, Austria, Canada, China,
Mexico, South Africa and the United Kingdom. The company sells more
than 200 different products to e-commerce retailers, coin and
bullion dealers, financial institutions, brokerages and collectors.
In addition, A-Mark sells precious metal products to industrial
users, including metal refiners, manufacturers and electronic
fabricators.
Through its A-M Global Logistics subsidiary,
A-Mark provides its customers with a range of complementary
services, including managed storage options for precious metals as
well as receiving, handling, inventorying, processing, packaging,
and shipping of precious metals and coins on a secure basis.
A-Mark’s mint operations, which are conducted through its wholly
owned subsidiary Silver Towne Mint, enable the company to offer
customers a wide range of proprietary coin and bar offerings and,
during periods of market volatility when the availability of silver
bullion from sovereign mints is often product constrained,
preferred product access.
A-Mark’s Direct-to-Consumer segment operates as
an omni-channel retailer of precious metals, providing access to a
multitude of products through its wholly owned subsidiaries, JM
Bullion and Goldline. JM Bullion is a leading e-commerce retailer
of precious metals and operates five separately branded,
company-owned websites targeting specific niches within the
precious metals market: JMBullion.com, ProvidentMetals.com,
Silver.com, GoldPrice.org, SilverPrice.org. Goldline markets
precious metals directly to the investor community through various
channels, including television, radio and telephonic sales efforts.
A-Mark also holds minority ownership interests in two additional
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 a California licensed finance lender that
originates and acquires loans secured by bullion and numismatic
coins. Its customers include coin and precious metal dealers,
investors and collectors. AM Capital Funding was formed in 2018 for
the purpose of securitizing eligible secured loans of CFC.
A-Mark is headquartered in El Segundo, CA and has additional
offices and facilities in the neighboring Los Angeles area as well
as in Dallas, TX, Las Vegas, NV, Winchester, IN, and Vienna,
Austria. For more information, visit www.amark.com.
Company Contact:Steve Reiner, Executive Vice
President, Capital Markets & Investor RelationsA-Mark Precious
Metals, Inc.1-310-587-1410sreiner@amark.com
Investor Relations Contact:Matt Glover or Jeff
Grampp, CFAGateway Investor
Relations1-949-574-3860AMRK@gatewayir.com
About CIBC CIBC is a leading
North American financial institution with 11 million personal
banking, business, public sector and institutional clients. CIBC
offers a full range of advice, solutions and services in the United
States, across Canada and around the world. In the US, CIBC Bank
USA provides commercial banking, private and personal banking and
small business banking solutions and CIBC Private Wealth offers
investment management, wealth strategies and legacy planning. Visit
us at cibc.com/US.
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