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Stonebriar Provides $15MM Financing for Marine Transportation Assets

April 21, 2016, 07:00 AM
Filed Under: Marine

Stonebriar Commercial Finance announced it has provided a $15 million loan for the purchase of certain marine transportation assets. The loan represents the second made by SCF to a Gulf Coast based supplier of marine transportation solutions to the inland and intra-coastal shipping industry as part of an overall $40 million commitment. Proceeds of the loan were used for the acquisition of covered hopper barges that are on charter to a U.S. based commodity transport company. The initial funding in September, 2015 related to a 2000 hp inland pushboat on bareboat charter engaged in the transportation of petroleum products in the Gulf Coast region.

Mark Gibson, Vice President of Capital Markets stated, "This loan is a continuation of our support for the client in their efforts to become a major participant in the market. For operators with a desire for this type of asset that do not want to make the capital commitment of purchasing the assets themselves, our customer provides a valuable service and views SCF as a strategic partner in that effort."

Stonebriar is a privately held commercial finance company established in 2015 and based in Plano, TX. With financial backing from Security Benefit Corporation, Stonebriar is building a world class, multi-billion dollar platform of commercial loans and leases. Stonebriar specializes in transactions for businesses in a wide variety of industries (Business Aviation, Rail Leasing, Realty Capital, marine, transportation, manufacturing, energy, etc.) throughout the entire credit spectrum located in the United States, Canada and select other foreign jurisdictions.

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