Prudential Capital Group Provides $100 Million in Private Placement Financing to Crowley Maritime Corporation

04.26.18

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

Prudential Capital’s 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 5 years, including the Commitment Class ConRo ship financing in 2014 and senior credit facility financing in 2015. This transaction marks 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 US 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.

For more information on Prudential Capital’s commercial asset financing, please click here.

About Crowley

Jacksonville-based Crowley Holdings Inc., a holding company of the 126-year-old Crowley Maritime Corporation, is a privately held family and employee-owned company that provides marine solutions, energy and logistics services in domestic and international markets. Crowley operates under four business units: Crowley LOGISTICS, a singular ocean liner and logistics supply chain division; Crowley SHIPPING, which encompasses ownership, operations and management of vessels, including tankers, container ships, tugboats and barges; Crowley FUELS, a fuel transportation, distribution and sales division that also provides liquefied natural gas (LNG) and related services; and Crowley SOLUTIONS, which focuses on government services, including vessel management for government agencies, as well as engineering, project management, naval architecture through its subsidiary Jensen Maritime, and marine salvage and emergency response through its 50 percent ownership in Ardent Global. Additional information about Crowley, its subsidiaries and business units may be found at www.crowley.com.

About 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). Prudential Capital Group has been a leading provider of private placements, mezzanine debt and equity, to companies for more than 75 years. Managing a portfolio of more than $82 billion as of December 31, 2017, Prudential Capital offers senior debt, mezzanine financing, leveraged leases, project financing, credit tenant leases as well as asset financing to companies, worldwide. The global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Milan, Minneapolis, Newark, New York, Paris, San Francisco and Sydney.* For more information, please visit prudentialcapitalgroup.com.

*Operates through PGIM (Australia) Pty Ltd.