Inside weeks of asserting it was to accumulate the 9 Jones Act tankers owned by Oslo-listed AMSC ASA (the corporate previously often known as American Transport Firm), Metairie, La., headquartered Maritime Companions LLC experiences that on September 20, 2023, certainly one of its managed funds acquired Norfolk, Va.-based U.S. Marine Administration LLC (USMMI) from Maersk Line Restricted, the U.S.-flag subsidiary of A.P. Moller-Maersk.
USMMI is engaged in chartering U.S. flag tanker and army help vessels, owned and operated by USMMI, to the Navy’s Navy Sealift Command and the operation and upkeep of U.S. government-owned vessels.
USMMI presently operates a fleet of 5 U.S.-flagged vessels (together with one owned maritime help vessel, three owned tankers, and one bareboat chartered tanker) and one O&M contract supporting U.S. Military coaching watercraft in Japan.
As well as, USMMI was lately awarded a brand new working settlement for the U.S. Maritime Administration’s Tanker Safety Program. In reference to this award, USMMI has entered into an settlement to accumulate one other medium vary tanker, which is predicted to shut in fourth quarter 2023.
“We’re excited so as to add USMMI to our portfolio,” mentioned Bick Brooks, co-founder and CEO of Maritime Companions. “USMMI’s long-term contracts with a powerful buyer base will properly complement our current portfolio of property by offering diversification throughout counterparties, property and finish markets. We’re excited to associate with USMMI’s long-tenured and gifted administration staff within the subsequent part of USMMI’s evolution.”
Maritime Companions says the deal is one more important transaction for it and its managed funds, bringing with it not solely a administration staff with greater than 30 years of presidency contracting expertise, data, and experience, but additionally a big alternative for portfolio diversification by the addition of a brand new vessel class with new capabilities, a brand new maritime market to serve, and a brand new counterparty to the buying fund’s portfolio.
NEW $600 MILLION LINE OF CREDIT
Maritime Companions adopted up its announcement of the USMMI acquisition by right now reporting the profitable closing of a $600-million warehouse facility between a number of special-purpose, wholly-owned subsidiaries of certainly one of its managed funds and a syndicate of lenders led by New York Metropolis headquartered Atlas Securitized Merchandise Holdings, L.P. (Atlas SP).
What’s a “warehouse facility” in finance? Extra on that HERE
“Maritime Companions’ new $600-million warehouse line of credit score is a vital step within the development and institutionalization of our platform,” mentioned Bick Brooks.
The road of credit score is Maritime Companions’ newest take care of Atlas SP in addition to its third financing closed within the final 4 months. Collectively, Maritime Companions and Atlas SP have raised practically $1.2 billion in financing yr up to now, with Atlas SP serving as underwriter.
“This deal considerably will increase our borrowing capability and demonstrates our best-in-class entry to capital with our long-time associate Atlas SP, together with our two new lenders, Deutsche Financial institution and Financial institution of America,” Brooks mentioned.