Stonebriar Commercial Finance provided a $15 million loan for the purchase of certain marine transportation assets to a Gulf Coast-based supplier of marine transportation. The loan represents the second made by SCF to the supplier as part of an overall $40 million commitment.
Proceeds of the loan were used for the acquisition of covered hopper barges that are on charter to a U.S.-based commodity transport company. The initial funding in September related to a 2000 hp inland pushboat on bareboat charter engaged in the transportation of petroleum products in the Gulf Coast region.
“This loan is a continuation of our support for the client in their efforts to become a major participant in the market,” said Mark Gibson, vice president of Capital Markets for Stonebriar. “For operators with a desire for this type of asset that do not want to make the capital commitment of purchasing the assets themselves, our customer provides a valuable service and views SCF as a strategic partner in that effort.”
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!