Tugboat operator Signet Maritime closed a $140 million senior secured term loan facility with Riverstone Credit Partners, a dedicated energy and power credit fund managed by Riverstone Holdings._x000D_
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Proceeds from the term loan will be used to repay and retire the Signet’s existing first lien credit facility, to fund development capital expenditures and to pay related transaction fees and expenses. This financing transaction was solely led and arranged by Riverstone. Signet retains 100% stock ownership by its president, CEO, and founder, J. Barry Snyder._x000D_
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“Signet’s exceptional maritime expertise combined with our financial flexibility will allow Signet to execute on numerous expansion initiatives over the next 18 months,” said Snyder. “This recapitalization, along with Signet’s advantageous positioning within our ports of operation, allows us to support the growing exports of crude oil and natural gas from the U.S. Gulf Coast. We look forward to continuing to provide reliable and safe service to our existing and new customers and the local communities in which we operate.”_x000D_
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Since 1976, Signet Maritime has delivered marine transportation and logistics services to customers worldwide.
Forward for Specialty Finance
