WILLIAMSVILLE, N.Y., April 2, 2025 /PRNewswire/ — Rand Logistics, Inc. (“Rand”), a leading provider of marine bulk freight shipping and logistics services throughout the Great Lakes region, today announced the successful completion of a $525 million credit facility through its subsidiary, Rand ASC Holdings LLC. The refinancing, led by PNC Bank N.A. as administrative agent, was executed through a syndicate of six banks.
Structured as an asset-based loan leveraging the value of Rand’s active fleet, the new facility enhances the company’s financial flexibility and liquidity, supports Rand’s ongoing investments in fleet maintenance and optimization, and positions the company for larger-scale strategic initiatives, including new vessel construction and transformational M&A opportunities.
“We are extremely pleased to complete this refinancing, which strengthens our ability to invest in our existing fleet and ensures that Rand will remain a critical provider of marine transportation services for decades to come,” said Joe Kassel, Chief Financial Officer. “This facility significantly enhances our liquidity and provides the financial flexibility needed to execute transformational investments, modernize our assets, and expand capacity to meet growing customer needs.”
“The favorable terms of this transaction demonstrate the market’s confidence in Rand and our essential role in the U.S. and Canadian Great Lakes supply chains,” added Greg Binion, Chief Executive Officer.
Ropes & Gray LLP served as legal advisor to Rand, while Blank Rome LLP advised PNC Bank.
