Key Equipment Finance has provided $53 million in financing for VanEnkevort Tug & Barge, Inc. (VTB) for the acquisition of the newest tug barge in the Great Lakes through its marine finance group. In addition, the firm’s capital markets and syndications team served as sole lead arranger on the syndication of 50 percent of the transaction.
VTB has expanded its fleet and is operating the two newest and most efficient articulated barges on the Great Lakes. The newly acquired vessel is the sister ship to VTB’s Great Lakes Trader, the second newest vessel on the Lakes. The 875 foot barge is pushed by the 135 foot tug, Clyde S Van Enkevort.
VTB is a privately owned bulk transport company that serves the mining, steel and construction industries throughout the Great Lakes.
“We are excited to add one of the most modern and efficient self-discharging bulkers to our fleet” said Volckert and Nickel van Reesema, owners and principals of VTB. “KeyBank and Key Equipment Finance have been instrumental in the successful acquisition of this vessel, and really understood our needs.”
“Our insights into the industry through our marine finance group headed by Ronnie Evans, Director of Marine and the vessel valuation helped us structure financing that would meet the needs of VTB,” said Paolo de Alessandrini, senior vice president, KeyBank. “We are excited to help VTB grow and add to its modern fleet on the Great Lakes.”