Signet Closes $209m Financing Facility

By Eric Haun
Thursday, May 15, 2014

Wells Fargo Equipment Finance, through its Energy and Marine and Capital Markets Groups, acting in the capacity of lead arranger, closed a $209 million financing facility today for Signet Maritime Corporation, a global marine transportation company based in Houston.

The new facility refinances Signet’s existing bank debt and provides acquisition financing for the purchase of Harvey Gulf International Marine’s ocean towing vessel (OTV) fleet, which includes eight OTVs. Signet will also use proceeds of the financing facility to complete the construction and purchase of three newbuild escort ASD reverse tractor tugs, and the purchase of three existing bareboat chartered vessels. Wells Fargo Equipment Finance, a subsidiary of Wells Fargo & Co., will serve as Administrative Agent and Collateral Agent on the transaction.

“The financing facility arranged by our lenders at Wells Fargo Equipment Finance acts as a catalyst for growth allowing Signet to expand its offshore operations effectively closing the loop to provide turn-key support to energy companies,” said J. Barry Snyder, president of Signet. “We are very proud of our double-digit increases in revenue, net income and EBITDA over the recent years, and by combining the strength of the very fine Harvey tugs, we are poised for increased productivity for the next decade.”

“We are very pleased to provide this comprehensive financing and acquisition package to Signet,” said Trent Mabe, managing director for Wells Fargo Equipment Finance. “Under Kyle Parks’ leadership, our Energy and Marine team did an outstanding job for Signet and our fellow equipment finance investors.”

Wells Fargo Equipment Finance’s Energy and Marine Group is a dedicated team chartered with providing equipment secured capital specifically to the oil and gas and commercial marine industries.  With its industry focus, related equipment expertise, and structuring and capital markets capabilities, the Energy and Marine Group provides customized capital solutions tailored to address its clients’ objectives.

 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

OTC Names Technology Award Winners

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award.

Jack W. Fisher Passes Away at 73

Jack W Fisher, president of JW Fishers Mfg. passed away at home after a brief illness on February 20, 2015. He was 73 years old.   The JW Fishers business was started because Fisher,

Piracy Still a Big Threat in the Indian Ocean

Underestimating the security risk in the Indian Ocean could put ships in danger once again, says maritime security company MAST Ltd.   “Whilst recent reports

Shipbuilding

First LNG-powered EcoLiner Launched

Europe’s greenest inland vessel debuts Damen group innovations   Damen Shipyards Group launched the first LNG-powered Damen EcoLiner inland shipping tanker

Zamakona to Deliver Tuna Freezer Vessel

Zamakona Yards to deliver tuna freezer vessel Jai Alai to the Echebastar Group   This Saturday, March 7, Zamakona Shipyards in Santurce will deliver its construction number 737,

CTruk OWSV Enhanced with Volvo IPS

Since the launch of its first-of-class CTruk MPC22 late last year, the East Anglia-based workboat designer and builder informs it has incorporated performance feedback

Workboats

Zamakona to Deliver Tuna Freezer Vessel

Zamakona Yards to deliver tuna freezer vessel Jai Alai to the Echebastar Group   This Saturday, March 7, Zamakona Shipyards in Santurce will deliver its construction number 737,

New Floating Installation Concept for Offshore Wind

Conquest Offshore, together with deugro Denmark A/S, has developed an installation system for monopiles and transition pieces, supported by Temporary Works Design (TWD) and Barge Master.

Alphatron Marine VSAT Systems for 11 Workboats

Alphatron Marine has signed a lease contract with Seacontractors for no less than 11 vessels to provide satellite hardware and data solution packages.   Alphatron

Ship Sales

Are Megaships Game Changers?

Bragging rights for the world’s largest container ship have changed hands four times in as many months and keep on shifting again, says a report in the Bloomberg.

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

UAE Shipping Delegation to Meet with Greek Counterparts

A delegation of Middle East maritime heavyweights including H.E. Khamis Juma Buamim, chairman & group CEO Drydocks World and Maritime World and Rashid Mohammed Al Habsi,

Finance

Global LNG-Asia Prices Creep Higher on Japanese Demand

Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday.

Drop in Cocoa Bean Size Worries Ivorian Exporters

Dry weather in top cocoa grower Ivory Coast has caused a sharp drop in bean size and will delay the start of the April-to-September mid-crop by nearly two months,

Wärtsilä, CME Offer ‘Scrubber Finance’

Funding concept promotes installation of scrubber systems by offering financing to shipowners, with returns taken from fuel price spread   In a move intended

News

OTC Names Technology Award Winners

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award.

Jack W. Fisher Passes Away at 73

Jack W Fisher, president of JW Fishers Mfg. passed away at home after a brief illness on February 20, 2015. He was 73 years old.   The JW Fishers business was started because Fisher,

Global LNG-Asia Prices Creep Higher on Japanese Demand

Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday.

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2522 sec (4 req/sec)