Lloyd's List - Finance - GE Capital fronts $173m credit facility for ...

No new tonnage customised for the Great Lakes has been constructed in the last decade.

Great Lakes operator says cash is ?growth capital?

GREAT Lakes operator Rand Logistics has finalised a $173m US-Canadian cashflow senior credit facility, with the corporate finance unit of General Electric Capital serving as lead arranger and bookrunner.

Rand Logistics, which has an existing borrower relationship with GE Capital, said the cash would refinance current debt and provide growth capital.

?GE Capital understands our strategic goals and provides us with the flexible financing necessary to foster our growth,? said Rand Logistics chief financial office Joe McHugh.

GE Capital Corporate Finance chief commercial officer Bob McCarrick said the lender ?understands Rand?s needs and goals?.

?Our deep expertise in financing the transportation and logistics industry enables us to provide smarter, business-building capital,? he said.

During 2011, Rand boosted its belief in Great Lakes shipping, buying two vessels apiece from Kuber and US United Ocean Service. Rand operates a fleet of 16 dry bulk vessels, including 12 self-unloading bulk carriers and tug-barge units.

It claims to be ?one of the only carriers able to offer significant domestic port-to-port services in both Canada and the US on the Great Lakes?.

The industry sees it as one of Rand?s strengths that no new tonnage customised for the Great Lakes has been constructed in the last decade.

Source: http://www.lloydslist.com/ll/sector/finance/article408857.ece

triple play virginia tech shooting james neal jackie robinson virginia tech emancipation proclamation april 16