Prudential Capital Group completed a $100 million private placement transaction with a subsidiary of Crowley Maritime, the operator and manager of the largest U.S.-operated petroleum and chemical tank vessel fleet in the country.
This is Crowley’s first private placement issuance, with financing split between a senior tranche and a subordinated tranche. The private placement is secured by vessels and their charters.
Prudential Capital has been a major lender to Crowley for five years, including the Commitment Class ConRo ship financing in 2014 and senior credit facility financing in 2015.
“This transaction represents the flexibility of our mandate to execute a tailored capital solution comprised of both a senior tranche and junior tranche. We have built upon our existing funding relationship with Crowley and look to continue supporting the corporation’s growth and expansion,” said Steve Crain, vice president at Prudential.
Prudential Capital Group is the private capital investment arm of PGIM, the $1 trillion global investment management business of Prudential Financial. It offers senior debt, mezzanine financing, leveraged leases, project financing, credit tenant leases and asset financing to companies worldwide.
