GE Capital Agents $173 Million to Rand Logistics Subsidiary
GE Capital, Corporate Finance announced it is lead agent on a $173 million U.S. and Canadian cash-flow senior credit facility for subsidiaries of Rand Logistics, Inc., a provider of bulk freight shipping services in the Great Lakes region. The loan will be used to refinance current debt and provide growth capital. GE Capital Markets served as lead arranger and bookrunner.
Through its subsidiaries, Rand Logistics operates a fleet of 16 dry-bulk vessels, including 12 self-unloading bulk carriers and tug/barge units, throughout the Great Lakes region. They are one of the only carriers able to offer significant domestic port-to-port services in both Canada and the U.S. on the Great Lakes.
“GE Capital understands our strategic goals and provides us with the flexible financing necessary to foster our growth,” said Joe McHugh, chief financial officer of Rand Logistics, Inc. “Their long-term commitment to providing tailored financing solutions has been invaluable.”
“Over the past eight years, we have worked closely with Rand and their subsidiaries, so we understand their needs and business goals,” said Bob McCarrick, chief commercial officer, lending for GE Capital, Corporate Finance. “Our deep expertise in financing the transportation and logistics industry enables us to provide smarter, business-building capital.