U.S. Shipping Corp. Completes Refinancing Transaction

Source: www.gulfoilandgas.com 2/10/2021, Location: North America

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.


Gabon >>  5/18/2022 - VAALCO Energy Inc. announced entry into a new credit agreement, effective May 16, 2022, for a new five-year Reserve Based Lending (“RBL”) facility wit...
Norway >>  5/18/2022 - Reference is made to the stock exchange release by Scatec ASA published on 16 May 2022 regarding initiation of a share buyback programme.

...


United States >>  5/17/2022 - Baker Hughes announced that the Baker Hughes Board of Directors declared a cash dividend of $.18 per share of Class A common stock payable on June 10,...
Ukraine >>  5/16/2022 - HELLENIC PETROLEUM Holdings S.A. announced its 1Q22 consolidated financial results, with Adjusted EBITDA at €99m (+54%) and Adjusted Net Income at €4m...

United States >>  5/16/2022 - Vantage Drilling International ("Vantage") reported a net loss attributable to controlling interest of approximately $14.9 million, or $1.14 per dilut...
Gabon >>  5/12/2022 - - Debt refinanced on favourable terms
o Five-year bank loan for $255 million, including $67 million as a revolving credit facility
o Six-y...





Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.