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Stonebriar Commercial Finance Closes $22.5MM Lease

March 05, 2021, 07:19 AM
Filed Under: Marine

Stonebriar Commercial Finance announced the closing of a $22.5 million sale and leaseback with an industry leading marine transportation and logistics services company. The lease proceeds supported the retirement of other lessee indebtedness. Consistent with the client’s required timeline, the transaction closed in less than 30 days.

The leased assets, essential to core port ship assist operations and the support of a long-term contract, are two newer vintage tractor tugs.

Kyle Parks, Stonebriar Executive Vice President and Head of Direct Originations, said, “I have had the pleasure of working with this operator multiple times throughout my career. For 45 years it has earned and enjoyed a reputation for best-in-class management and crews, safe and efficient operations, and impeccable vessel maintenance.”

Harrison Smith, Stonebriar Vice President – Investment Manager, added, “SCF has vast experience in Jones Act maritime asset bareboat chartering and finance. We are thrilled to grow this meaningful segment of our portfolio by the addition of this client and these essential vessels.”

Stonebriar, an Eldridge business based in Plano, TX, is a provider of financing solutions for businesses in a wide variety of industries, of various sizes and credit profiles. Stonebriar leases and finances assets located primarily in North America and select other jurisdictions worldwide currently through five distinct platforms—General Equipment, Aviation Capital, Rail Leasing, Real Estate and Sponsor Finance.

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