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Stonebriar CF Closes $10.2MM Loan with Marine Transportation, Logistics Company

August 09, 2021, 06:00 AM
Filed Under: Marine

Stonebriar Commercial Finance closed a $10.2 million term loan with a premier Jones Act marine transportation and logistics services company. The loan represents Stonebriar’s third transaction with the borrower and its affiliates with total funded volume approximating $80 million. The loan proceeds were used for general corporate purposes. Consistent with the client’s required timeline, the transaction closed in less than 30 days.

The collateral assets, working under time charter to provide critical bunkering services to an oil and gas major, are two ocean class bunker barges with respective 25,000 and 35,000 barrel capacities.

Kyle Parks, Stonebriar EVP and Head of Direct Originations, stated, “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.”

Harrison Smith, Stonebriar Vice President, added, “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.”

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