Ropes & Gray advised Rand Logistics, a provider of marine bulk freight shipping and logistics services in its successful completion of a $525 million credit facility. The refinancing, led by PNC Bank N.A., was executed through a syndicate of six banks and is structured as an asset-based loan leveraging the value of Rand’s active fleet. The transaction was announced in a April 2 press release.
Rand Logistics operates a fleet of 28 vessels throughout the Great Lakes region through its subsidiaries, American Steamship Company, Andrie, Grand River Navigation, and Lower Lakes Towing.
The team included finance partner Arek Maczka and associate Jeffrey Lang.
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