Stonebriar Commercial Finance (“Stonebriar” or “the Company”) today announced the closing of a seven-year $325 million term loan credit facility with Overseas Shipholding Group, Inc. (“OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the Jones Act trade. The loan is primarily secured by first preferred ship mortgages on ten U.S. flagged product transport vessels, including tankers and articulated tug and barges.
Steve White, Stonebriar Senior Managing Director – Capital Markets, commented, “The OSG management team has been a pleasure to work with on various transactions during the last three years. As the Jones Act liquids transportation trade continues to improve, we were pleased to have closed this transaction in support of OSG’s near and long-term financial goals.”
OSG’s Chief Financial Officer Dick Trueblood said, “I was pleased to continue to expand our relationship with Stonebriar. They have again proven their ability to efficiently underwrite and close transactions.”
Dave B. Fate, Stonebriar CEO, added, “This transaction not only highlights Stonebriar’s faith in OSG’s business and management, but also is another validation of our ability to efficiently and strategically deploy capital ranging from $5 million to more than $500 million.”
About Stonebriar Commercial Finance: Stonebriar, an Eldridge business based in Plano, TX, is an investment grade 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, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, 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:
Steve White: (410) 292-9323 Steve.White@StonebriarCF.com