Suntrust Bank News

J.F. Lehman & Company, a middle-market private equity firm focused on the defense, aerospace and maritime sectors, announced that it has acquired US Joiner LLC and Turnbull LLC (together, "US Joiner") in partnership with company management. US Joiner is the leading independent domestic provider of turnkey marine joiner and furniture solutions for U.S. Government and commercial customers. Headquartered in Crozet, Va., the company employs approximately 500 employees across the United States. "We are excited to be partnering with the US Joiner and Turnbull management teams and are pleased to welcome the companies to the J.F. Lehman & Company portfolio," said Alex Harman, a Partner with J.F. Lehman & Company.

Maritrans Inc. announced that they have entered into a new five-year financing agreement with a syndicate of financial institutions. Mellon Bank led the transaction and was joined by Fleet Bank, Hibernia Bank and SunTrust Bank. The new facility consists of a $45 million term loan and a $40 million revolving credit facility. The new debt will have floating interest rates and should cost significantly less than the previous 9.25 percent fixed-rate indenture that was paid off in October. This new financing is another step in Maritrans' efforts to improve the efficiency of its balance sheet and will facilitate the ongoing capital reinvestment program.