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Known as INTL Commodities, the trading unit recently completed negotiations to renew the revolving syndicated loan, International Assets said. The loan is secured by the subsidiary's assets.
The lead financier was Dutch lender Fortis Bank's New York branch. The financing team included Fortis, Mizuho Corporate Bank Ltd., and Brown Brothers Harrisman & Co.
"The renewal was difficult in this banking environment," International Assets' CEO Searn O'Connor said in a statement. "We are pleased with this result as the syndicated loan will provide us with the financial resources to continue our commodities activities."
INTL Commodities has traders in Florida, New York, London, Dubai and Singapore. The unit focuses on investments in precious and base metals.
Like many brokerage firms, International Assets Holding has scrambled to deal with the worldwide economic slump and turbulence in the investment markets.
The company's profit fell 33 percent to $4 million in the first quarter -- the second straight quarter of double-digit declines. First quarter revenues in the commodities trading business were down 5 percent.
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