Maritime Partners secures new $750M \u201cwarehouse\u201d financing facility
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Metairie, La.- headquartered Maritime Partners LLC reports that it has successfully closed on a $750 million, first-of-its-kind warehouse facility<\/a>, which will be collateralized by three wholly owned business lines within one of its managed funds, with a syndicate of lenders led by ATLAS SP<\/a> Partners. <\/p>\n The initial collateralized portfolio includes Jones Act tankers, U.S. flagged tankers and other vessels for use in coastal and international trade, and in the future will include an additional fleet of barges, as well as new-build vessels that are or will be operating in inland marine and coastwise trade.<\/p>\n Maritime Partners expects to use the proceeds of this warehouse facility for future acquisitions, as well as refinancings and other general corporate purposes.<\/p>\n \u201cMaritime Partners\u2019 new $750-million warehouse line of credit is an important step in the continued growth of our platform,\u201d said Bick Brooks, co-founder and CEO of Maritime Partners.<\/p>\n The warehouse line of credit is Maritime Partners\u2019 latest transaction with ATLAS, as well as its third debt financing closed in the last two years. Together, Maritime Partners and ATLAS have raised nearly $2 billion in debt financing, with ATLAS serving as lead structurer and underwriter.<\/p>\n \u201cThis deal significantly increases our borrowing capacity and demonstrates our best-in-class access to capital with our long-time partners, ATLAS and Deutsche Bank, along with our new lender, Goldman Sachs,\u201d Brooks said.<\/p>\n Maritime Partners<\/a>, LLC is a leading provider of maritime financing solutions, specializing in vessels that are used in the domestic Jones Act trade. With a managed fleet of approximately 1,850 vessels in service, it offers tailored leasing services to operators across the full spectrum of credit quality.<\/p>\n<\/p>\n The post Maritime Partners secures new $750M \u201cwarehouse\u201d financing facility<\/a> appeared first on Marine Log<\/a>.<\/p>\n<\/div>\n