U.S. Shipping Corp said it has successfully completed the refinancing of its existing debt, which had a scheduled maturity of August 2013. The new debt matures in 2018.
Mike Ryan, President and CEO of US Shipping, said, “With the refinancing behind us, we look forward to pursuing market opportunities and expanding our business. We would like to thank our customers, vendors and employees for their tremendous support over the past several years.”
Al Bergeron, U.S. Shipping Corp’s Chief Financial Officer, said, “We are pleased with the outcome of our refinancing. Our new credit arrangements provide us with more financial flexibility to respond to market conditions and demands.”