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Prudential Capital and Crowley complete $100 million private placement

Written by Nick Blenkey
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Crowley's first LNG-fueled ConRo built by VT Halter Marine in Pascagoula, MS, was successfully bunkered earlier this month

APRIL 27, 2018 — Prudential Capital Group has completed a $100 million private placement transaction with a subsidiary of Crowley Maritime Corporation. Crowley is the operator and manager of the largest U.S.-operated petroleum and chemical tank vessel fleet in the country.

Financing is split between a senior tranche and a subordinated tranche. The private placement is secured by vessels and their charters.

Prudential Capital has been a major lender to Crowley for five years, including the Commitment Class ConRo ship financing in 2014 and senior credit facility financing in 2015.

This is Crowley’s first private placement issuance.

Dan Warner, Senior Vice President and Treasurer of Crowley said, “We are excited about our first foray into the U.S. Private Placement market. The debt structure allows us to optimize our return on investment while tapping a new source of capital which has important strategic implications for funding future growth. Prudential Capital is an important commercial debt lender to the corporation and this transaction allows us to expand the relationship by entering a new capital market with a reliable financing partner.”

“This transaction represents the flexibility of our mandate to execute a tailored capital solution comprised of both a senior tranche and junior tranche. We have built upon our existing funding relationship with Crowley and look to continue supporting the corporation’s growth and expansion.” said Steve Crain, Vice President at Prudential Capital Group.

Prudential Capital Group is the private capital investment arm of PGIM, the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE:PRU).

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