Stonebriar Commercial Finance Closes $10.2MM Term Loan for Marine Services Company
AUG 9, 2021 - 6:32 am
Stonebriar Commercial Finance closed a $10.2 million term loan for a Jones Act marine transportation and logistics services company. The loan represents Stonebriar Commercial Finance’s third transaction with the borrower and its affiliates, with total funded volume reaching approximating $80 million. The borrower used the loan proceeds for general corporate purposes. Consistent with the client’s required timeline, the transaction closed in fewer than 30 days.
The collateral assets, working under time charter to provide bunkering services to an oil and gas major, are two ocean class bunker barges with respective 25,000- and 35,000-barrel capacities.
“Throughout my maritime lending career, and because of the dominant and defensible market position this operator enjoys, we have sought out opportunities to provide capital in support of its strategic initiatives,” Kyle Parks, executive vice president and head of direct originations at Stonebriar Commercial Finance, said.
“The fundamentals of a strong management team, essential and well-maintained assets, term-contracted trade with an investment grade counterparty and our long-standing relationship with the borrower allowed for a quick approval and closing,” Harrison Smith, vice president of Stonebriar Commercial Finance, said.
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