Maritime Partners closed a $750 million warehouse facility, 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 Partners.
The initial 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.
Maritime Partners expects to use the proceeds of this warehouse facility for future acquisitions, as well as refinancings and other general corporate purposes.
“Maritime Partners’ new $750-million warehouse line of credit is an important step in the continued growth of our platform,” Bick Brooks, co-founder and CEO of Maritime Partners, said. “This 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.”
