Maritime Partners has closed on a $750 million warehouse facility, to be supported by revenues from three business lines, within one of its managed funds, which are associated with maritime trade.
Maritime Partners co-owns the managed fund with a syndicate of lenders, including ATLAS SP Partners. The deal comes about 18 months after Maritime Partners completed its securitization of Jones Act shipping business revenue, raising $235.3 million. ATLAS SP has served as lead structurer and underwriter on almost $2 billion in debt financing.
The Jones Act is a section of the Merchant Marine Act of 1920, which says goods shipped between U.S. ports must use vessels that U.S. citizens or permanent residents build, own and operate.
Through a statement, the company said the initial portfolio's debt financing includes Jones Act tankers, U.S. tankers and other vessels that operate in coastal and international trade in the initial portfolio. Future proceeds will finance acquisitions, refinancings and general corporate purposes, Maritime Partners said.
"This deal significantly increases our borrowing capacity and demonstrates our best-in-class access to capital with our long-time partners," ATLAS and Deutsche Bank," Bick Brooks, co-founder and CEO of Maritime Partners. Goldman Sachs joined the syndicate as a new lender, he added.
