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

Maritime Reporter Magazine, page 14, Nov 15, 1981

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.