NORWALK, Conn.--(BUSINESS WIRE)-- GE Capital, Corporate Finance today announced it is lead agent on a $173 million U.S. and Canadian cash flow senior credit facility for subsidiaries of Rand Logistics, Inc. (NASDAQ: RLOG), a leading provider of bulk freight shipping services in the Great Lakes region. The loan will be used to refinance current debt and provide growth capital. GE Capital Markets served as lead arranger and bookrunner.
Through its subsidiaries, Rand Logistics operates a fleet of 16 dry-bulk vessels, including 12 self-unloading bulk carriers and tug/barge units, throughout the Great Lakes region. They are one of the only carriers able to offer significant domestic port-to-port services in both Canada and the U.S. on the Great Lakes.
“GE Capital understands our strategic goals and provides us with the flexible financing necessary to foster our growth,” said Joe McHugh, chief financial officer of Rand Logistics, Inc. “Their long-term commitment to providing tailored financing solutions has been invaluable.”
“Over the past eight years, we have worked closely with Rand and their subsidiaries, so we understand their needs and business goals,” said Bob McCarrick, chief commercial officer, lending for GE Capital, Corporate Finance. “Our deep expertise in financing the transportation and logistics industry enables us to provide smarter, business-building capital.”
About GE Capital, Corporate Finance
GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE’s best practices to help build their business. Visit gelending.com/clnews or follow @GELendLease on Twitter.
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Source: GE Capital, Corporate Finance