Page 6: of Maritime Reporter Magazine (September 15, 1974)

U.S. Leasing Completes $45-Mi!lion Tanker Deal

United States Leasing Interna- tional, Inc. said it recently com- pleted arrangements in London for the leveraged lease financing of a $45-million oil tanker. Offi- cials said the transaction was the largest of eight recent closings involving equipment costing $94 million.

The vessel will be operated un- der long-term charter by a for- eign subsidiary of a major U.S. oil company. Eight U.S. financial institutions provided funds for the transaction in the form of equity participations and loans.

The company said the vessel was "substantially larger" than a 120,000-dwt U.S.-flag tanker it arranged leasing financing for earlier this year. Details of the transaction and the names of companies involved were not dis- closed.

Company chairman Brooks

Walker Jr. said that since mid- year, U.S. Leasing has completed seven other leveraged lease trans- actions covering $49 million of equipment for U.S. and Canadian transportation and industrial com- panies, and a public utility. In- volved were $34.7 million of roll- ing stock for two major railroads, $4.8 million of tire-building equip- ment, a $4.7-million gas turbine generator, $2.5 million of sugar refining equipment, and chemical barges valued at $2.3 million.

The railroad equipment in- cluded approximately 600 freight cars and 55 locomotives. Mr.

Walker said a further transaction involving approximately $10 mil- lion of industrial equipment is expected to close shortly.

The U.S. Leasing executive said the recent transactions put the company's lease underwriting de- partment "a bit ahead of last year's volume at this point." The 1973 voume, $308 million for the full year, included a record lease involving a $lll-million aluminum plant. "It appears that we are seeing a sufficient number of smaller transactions — if it's ap- propriate to call a $20-million or $40-million transaction small—to give our 1973 volume a very good race."

Mr. Walker added that the $45- million tanker lease was not in- cluded in a large lease backlog of $147.5 million which the com- pany reported at midyear.

U.S. Leasing's lease underwrit- ing department and several re- lated lease investment and man- agement programs contributed about 25 percent of the company's net income in 1973. Other major profit centers include direct leas- ing in the U.S. and Canada, for- eign operations, and a group of smaller entities involved in spe- cialized leasing, renting and fi- nancial management services.

Letter Of Intent Signed

With Three Oil Firms

For $50-Million Oil Rig

A group of three oil companies —Getty Oil Co., AGIP S.p.A., and

Phillips Petroleum Co.—have signed a letter of intent with Off- shore Co., Houston, Texas, in con- nection with the construction of a $50-million drilling vessel that is to be built in Japan by Mitsui

Shipbuilding & Engineering Co.

Also disclosed by Offshore was that another drilling vessel will be built by Mitsui and that addi- tional units are under negotiation.

Captain Mihajlovic

Named President

Tilston Roberts Corp.

Capt. Danilo Mihajlovic has been named president of Tilston

Roberts Corp. of New York City, it has been announced by G. Ed- win Tilston, chairman. A gradu- ate of the Merchant Marine

Academy, of Kotor, Yugoslavia,

Captain Mihajlovic has been ac- tive in the marine industry since 1939.

Tilston Roberts, a steamship agency serving the North At- lantic, is affiliated with Roberts

Steamship Agency, Inc., which operates in the South Atlantic and Gulf.

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Maritime ?eoor+er / Engineering News