PNC Bank, and its affiliate, PNC Equipment Finance, completed a $90 million multifaceted financing package for James Marine, a Kentucky-based provider of marine services serving the U.S. inland waterway industry.

The financing pairs a $50 million senior secured revolver by PNC Bank with a $40 million equipment financing term loan from PNC and a syndicate of three other lenders. PNC Capital Markets led the syndication of the term loan.

“PNC demonstrated the real value of one-stop shopping, bringing a team of PNC lenders with a variety of financing options to the table, finding the right combination to meet the quick turnaround that James Marine needed to complete its acquisition,” said George Couladis, vice president with the asset-based lending team at PNC.

Both loans were used by James Marine to partially finance its acquisition of Elmwood Marine Repair and to refinance existing debt, and the revolver will also be used for ongoing working capital.

“The complexity of the financing package included strategic allocation of some of James Marine’s massive equipment, such as tug boats, barges and dry docks, to support the underwriting of both the asset-based loan and the equipment financing,” said Donald Boodman, vice president of PNC Equipment Finance.