Stonebriar Commercial Finance closed a $10.7 million loan with Griffin Barge Line. The subject assets securing the loan are four 31,000-barrel heated oil tank barges newly delivered and put into service in 2016. The loan is 10 years in tenor and features a notably longer amortization, thus providing manageable debt service which affords the borrower the operational flexibility required to compete in its markets. The proceeds of the loan were used to refinance prior indebtedness secured by the barges.
Kyle Parks, Stonebriar’s head of Direct Originations, said, “We have immense respect for Clay Griffin’s lengthy lineage and strong operational reputation in the tank barge market. As a second-generation operator and maritime executive, Clay has been around vessels and in this trade for decades. We are thrilled to have provided this capital in support of Griffin’s immediate need and look forward to further investing in the company’s future growth.”
“The Stonebriar team, led by Harrison Smith and Jason Farr, worked closely and collaboratively with Griffin to affect this successful closing. We continue to seek opportunities to strategically grow what is already a meaningful maritime portfolio.”
Clay Griffin, founder and president of Griffin Barge Line, said, “I knew from my first conversation with Stonebriar that it was the optimal capital partner for our company – today, and as we position the fleet for future growth. The Stonebriar team’s understanding of our industry, the company history, the assets we operate and the current market dynamics was instantly evident and allowed for constructive dialogue as we structured a loan that supports our continued ability to provide safe and reliable service to our clients at competitive market rates.
“It is a real pleasure working with Stonebriar. The process was straight forward and efficient. On behalf of all that comprise Griffin Barge Line, we thank Stonebriar for its faith and confidence. We look forward to what I am certain will become a long-term relationship.”
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