A-Mark amends revolver to add lender, up incremental feature

By Marisa Wong

Los Angeles, Sept. 21 – A-Mark Precious Metals, Inc. entered into a joinder and seventh amendment on Sept. 20 to its credit agreement dated Dec. 21, 2021 with CIBC Bank USA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment adds a new lender, adds a new subsidiary loan party and guarantor and modifies some terms and conditions of the credit agreement.

The amendment also eliminates provisions whereby lenders whose revolving commitments equal at least 66.67% of the total revolving commitments, or the agent at the direction of those lenders, could require repayment of all obligations outstanding under the credit facility within 10 days on demand. Instead, the credit facility will have a fully committed term expiring Sept. 20, 2025.

Although the total revolving commitment under the credit facility remains at $350 million, the incremental facility feature under the facility is being increased to $190 million from $50 million.

In addition, the amendment increases the inventory financing capacity, adding an additional asset category to be included in the borrowing base and relaxing the limitations under some of the covenants.

A-Mark is a precious metals dealer based in El Segundo, Calif.

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