U.S. Shipping Corp., a leading provider of long-haul marine transportation for chemical and petroleum cargoes in the U.S. coastwise trade operating under the Jones Act, announced that it has closed a refinancing transaction with Marathon Asset Management LP (“Marathon”), Riverstone Credit Partners LLC (“Riverstone”) and Old Hill Partners Inc. (“Old Hill”). Proceeds from the transaction, together with a portion of the Company’s cash balances, were used to fully refinance the Company’s existing indebtedness.
USSC was founded in 2002 as a provider of marine transportation services for major oil companies. Over the years, USSC has expanded its business to encompass transporting chemical products for major chemical companies and established a reputation for quality and reliability.
“We’re extremely excited to partner with Marathon, Riverstone and Old Hill as our new lenders during this next chapter for the Company,” said Al Bergeron, Chief Executive Officer at USSC. “We look forward to partnering with these lenders to further strengthen our business as the U.S. economy continues to recover.”
Adam Conrad, managing director and head of Maritime Finance at Marathon, said, “USSC’s unique offering and consistent market presence within the Jones Act trade make this a very attractive credit. We believe in the Company’s strategic vision and the ability of the management team to achieve it.”
Jefferies LLC acted as financial advisor to USSC and Norton Rose Fulbright US LLP and Hill, Betts & Nash LLP served as its legal advisors. Watson Farley & Williams LLP and Baker Botts L.L.P. served as legal advisors to Marathon and Riverstone, respectively.
