Founded in 1996, the borrower based in Kentucky, is a leading provider of independent barge towing services on the inland waterways system. On September 1, 2017, the family of companies was consolidated under the borrower.
The company operates a differentiated, towing-focused business model and is one of only two operators that provide dedicated outsourced ton-mile towing services with high horsepower vessels (6,000+ HP). The company currently operates a fleet of 34 inland towboats ranging from 940 to 10,600 HP, operating on the Lower Mississippi, Upper Mississippi, Illinois, Arkansas, and Missouri River segments. In addition to the Company’s towing and harbor shifting services, they operate a full-service vessel repair yard, a diesel engine repair business, and SMS Machine and Fabrication, a full-service machine shop. For the 9 months ended on September 30, 2020, 97% of the company’s revenues were generated by its marine transportation segment. Historically, the segment’s customers have primarily included covered grain barge owners and operators. Consequently, the company’s marine transportation business is directly affected by agricultural production volumes and other economic factors, including tariffs on trade exports.
| Loan ID | 154 |
| DSCR | 1.25 |
| LTV | 68.5 |
| Note Rate | 5.5 |
| Property Location | KY |
| Type | 551114 |
| Guaranty Type | USDA |
| Loan Term | 10 yrs |
| Rate type | Var |
| Note date | 11/18/2021 |
| Maturity date | 11/18/2031 |
| Participation Availability Amount | $711,141 |
| Minimum Participation Amount | $250,000 |
| Original Loan Amount | $14,222,829 |
| Full Loan Documentation | Link |
| Inquire | Inquire |