Metals trader Gerald Group has refinanced its North American borrowing base facility with a pool of lenders led by Rabobank. The US$700mn two-year senior secured facility for the group’s North American entity GT Commodities LLC includes a US$670mn revolving credit facility, as well as a new US$30mn standby letter of credit line. The standby option will be used as a margin financing solution “to support the group’s hedging strategies on commodity exchanges”, Gerald Group says. The other members of the syndicate are Bank of China, CIBC, DZ Bank, Garanti Bank, ICBC Standard Bank, ING Capital, Raiffeisen Bank International and UniCredit. London-headquartered Gerald Group reported pre-tax profit of US$10mn in 2023, down from US$59mn in 2022, on US$6.8bn in sales, according to the company’s most recent accounts.