Plano, TX, August 9, 2021 – Stonebriar Commercial Finance (“Stonebriar”) today announced the closing of a $10.2 million term loan with a premier Jones Act marine transportation and logistics services company. The loan represents Stonebriar’s third transaction with the borrower and its affiliates with total funded volume approximating $80 million. The loan proceeds were used for general corporate purposes. Consistent with the client’s required timeline, the transaction closed in less than 30 days.
The collateral assets, working under time charter to provide critical bunkering services to an oil and gas major, are two ocean class bunker barges with respective 25,000 and 35,000 barrel capacities.
Kyle Parks, Stonebriar EVP and Head of Direct Originations, stated, “Throughout my maritime lending career, and because of the dominant and defensible market position this operator enjoys, we have sought out opportunities to provide capital in support of its strategic initiatives.”
Harrison Smith, Stonebriar Vice President, added, “The fundamentals of a strong management team, essential and well-maintained assets, term-contracted trade with an investment grade counterparty, and our long-standing relationship with the borrower allowed for a quick approval and closing.”
About Stonebriar Commercial Finance: Stonebriar, an Eldridge business based in Plano, TX, is a leading provider of financing solutions for businesses in a wide variety of industries, of various sizes and credit profiles. Stonebriar leases and finances assets located primarily in North America and select other jurisdictions worldwide currently through 5 distinct platforms—General Equipment, Aviation Capital, Rail Leasing, Real Estate and Sponsor Finance. To learn more about Stonebriar Commercial Finance please visit www.StonebriarCF.com.
About Eldridge: Eldridge invests in businesses across the Insurance; Credit; Technology; Real Estate; Sports, Media & Music, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge please visit www.eldridge.com.
For more information contact:
Kyle Parks: (469) 609-8525 Kyle.Parks@StonebriarCF.com