Westinghouse Credit, Seafirst Leasing Provide Equity In Four- Towboat, 81-Barge Transaction
Westinghouse Credit Corporation and Seafirst Leasing Corporation, through a partnership arrangement, have provided the equity in the $28-million leveraged lease of four towboats and 81 river barges arranged f o r Dravo Corporation.
WCC and Seafirst, respectively, provided 90 percent and 10 percent of the equity investment.
The Travelers Insurance Companies and Connecticut General Life Insurance Company provided the debt in the transaction.
The towboats and barges represent a maj o r part of the operating assets of Nilo Barge Line, acquired by Dravo in June f r om the Olin Corporation. Through a subsidiary, Dravo Mechling Corporation, Dravo ranks as one of the largest carriers on the Mississippi- Ohio River system. The firm is using the equipment to transport dry bulk commodities such as coal, grain, ores, and various manufactured products.
Towboats included in the arrangement are the 5,000-hp City of St. Louis, the 5,850-hp Virginia E. Towey, the 7,000-hp James F.
Towey, and the 7,000-hp Theresa Seley.
Westinghouse Credit Corporation, a wholly owned subsidiary of Westinghouse Electric Corporation, is a $2-billion finance company headquartered in Pittsburgh, Pa.
For full information on Westinghouse marine financing opportunities, Write 49 on Reader Service Card
Other stories from November 15, 1981 issue
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- Adm. Harold E. Shear Sworn-ln As Maritime Administrator page: 9
- President Reagan And Sponsor Authenticate Keel Of 'Yorktown' At Ingalls page: 10
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- Halter Delivers New Offshore Express Supply Boat page: 10
- New Compact Oil Water Separator From Sigma —Literature Available page: 10
- Seward, Alaska To Build Large Shipping Facility page: 11
- Inland Marine Delivers Towboat M/V Mike Schmaeng To Pott Industries page: 12
- Top Executive Changes Announced By Marco page: 13
- $30-Million Order Signed By Hongkong United Dockyards Ltd. page: 14
- Westinghouse Credit, Seafirst Leasing Provide Equity In Four- Towboat, 81-Barge Transaction page: 14
- SACM Publishes Brochure On Marine Diesel Engines —Copies Available page: 16
- Approve Application For $22 Million Title XI For Towboat, 68 Barges page: 16
- Literature Available From Marland On Inverto® Oil/Water Separator page: 16
- Publish New Brochure On End Entry Ball Valves From Zidell Explorations page: 18
- Appoint David Daniels National Sales Manager At M&T Chemicals page: 18
- Study Notes Upsurge In Offshore Rig Orders —U.S. Yards In Lead page: 19
- HUDSHIP Delivers The M/V Charles Haun To Parker Towing Company page: 19
- Chemical Waste Incinerator Ships Discussed At SNAME Chesapeake Section page: 19
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- Northern Radio Announces New HF/SSB Transceiver- Literature Available page: 21
- Mobile Workover Unit Houtech II Christened At Beth Steel's Beaumont Yard page: 21
- Christen Jackup J. Storm XVII At Bethlehem Steel's Beaumont Yard page: 22
- Mississippi Marine Delivers M/V Redneck—Second Of Three Towboats For Captain Hollinger page: 22
- $11.8-Million Navy Contract Awarded General Ship For Overhaul Of USS Vulcan page: 23
- Ohio River Officials Meet With Representatives Of Finnish Coal Interests page: 25
- Butterworth To Exhibit At Marintec China '81 page: 25
- Form New Repair Company To Service Mexican Gulf -Information Available page: 27
- NASSCO Delivers 'S/S Coast Range'— Second Of Three Carlsbad Class For Union page: 27
- Monark Boat Delivers Oil Recovery Vessel For Use On Lake Maracaibo page: 28
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- Imperial Oil Planning Semisub Drilling Rig With 6,000-Foot Capability page: 29
- Canadian Survey Shows 400 New Vessels Needed During Next Ten Years page: 34
- Santander Shipyard To Increase Drydock Capacity To 25,000-Dwt page: 34
- M. Rosenblatt Promotes Three To Company Officers page: 36
- Capt. Chao Awarded Medal Of Honor By St. John's University page: 37
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- SNAME-Hawaii Discusses High-Speed Catamaran Hydrofoils page: 38
- Four New Branch Managers Appointed At M. Rosenblatt page: 53
- Report On Laser Technology Made To ASNE Long-Beach-Greater L.A. Section page: 58