[U]Press Release:
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HOUSTON – May 15, 2014 – Wells Fargo Equipment Finance, through its Energy and Marine and Capital Markets Groups, acting in the capacity of lead arranger, closed a $209 million financing facility today for Signet Maritime Corporation (Signet), a global marine transportation company based in Houston, TX. The new facility refinances Signet’s existing bank debt and provides acquisition financing for the purchase of Harvey Gulf International Marine’s ocean towing vessel (OTV) fleet, which includes eight OTVs. Signet will also use proceeds of the financing facility to complete the construction and purchase of three new-build escort ASD reverse tractor tugs, and the purchase of three existing bareboat chartered vessels. Wells Fargo Equipment Finance, a subsidiary of Wells Fargo & Co. (NYSE: WFC), will serve as Administrative Agent and Collateral Agent on the transaction.
“The financing facility arranged by our lenders at Wells Fargo Equipment Finance acts as a catalyst for growth allowing Signet to expand its offshore operations effectively closing the loop to provide turn-key support to energy companies,” said J. Barry Snyder, president of Signet. “We are very proud of our double-digit increases in revenue, net income and EBITDA over the recent years, and by combining the strength of the very fine Harvey tugs, we are poised for increased productivity for the next decade.”
“We are very pleased to provide this comprehensive financing and acquisition package to Signet,” said Trent Mabe, managing director for Wells Fargo Equipment Finance. “Under Kyle Parks’ leadership, our Energy and Marine team did an outstanding job for Signet and our fellow equipment finance investors.”
Wells Fargo Equipment Finance’s Energy and Marine Group is a dedicated team chartered with providing equipment secured capital specifically to the oil and gas and commercial marine industries. With its industry focus, related equipment expertise, and structuring and capital markets capabilities, the Energy and Marine Group provides customized capital solutions tailored to address its clients’ objectives.
About Signet Maritime Corporation:
Signet Maritime Corporation is a diverse international marine transportation and logistics company with concentration in the Americas, Africa and Middle East. Signet services the offshore marine and energy sector with rig movements, harbor tugboat operations, petroleum transport, vessel bunkering, and barge transport services. The Company’s full service vessel shipyard, Signet Shipbuilding & Repair (SS&R), provides new construction, repair, maintenance and refurbishment for steel and aluminum marine vessels. Headquartered in Houston, Texas, Signet maintains offices in Pascagoula, Mississippi, Port Fourchon, Louisiana, Morgan City, Louisiana, Ingleside, Texas, Brownsville, Texas, Dubai UAE, and Brazil SA. Signet is certified by the American Bureau of Shipping to ISO 9001:2008 and ISM, as well as STCW-95, MTSA.
About Wells Fargo Equipment Finance:
Wells Fargo Equipment Finance is the second-largest bank-affiliated equipment leasing and finance business in the United States by asset portfolio and annual originations, with more than 140,000 customers, 55 branch locations, and 1,200 team members. Wells Fargo Equipment Finance is the trade name for the equipment leasing and finance businesses of Wells Fargo Bank, N.A and its subsidiaries, consisting of Wells Fargo Equipment Finance, Inc., a Minnesota corporation headquartered in Minneapolis, Minnesota which is a wholly owned subsidiary of Wells Fargo Bank, N.A.; Wells Fargo Financial Leasing, Inc., an Iowa corporation headquartered in Des Moines, Iowa; and the Wells Fargo Equipment Finance division of Wells Fargo Bank, N.A., located in Lincolnshire, Illinois.