Page 116: of Maritime Reporter Magazine (June 1994)

Caterpillar Financial

Services Offers

Vessel Financing

Caterpillar Financial Services

Corp., a wholly-owned subsidiary of

Caterpillar, Inc. and headquartered in Nashville, Tenn., began marine- related financing in 1986 as a natu- ral evolution of Caterpillar's engine sales business. Today the maritime market is considered a valuable por- tion of Caterpillar Financial's port- folio, and in 1993 it provided ap- proximately $50 million of financ- ing to the marine industry. As Cat- erpillar engines for main propul- sion and auxiliary engines have proven popular within the casino vessel market, the company natu- rally touts this area as a growth spot.

Other than gaming vessels, other common areas the marine portfolio is diversified in include fishing, high-speed ferry operations, oil sup- ply, work boats/tug boats and pas- senger excursion vessels. In addi- tion to providing financing on new vessels, Caterpillar Financial also provides financing for main engine repower requirements.

For newbuilds, lending require- ments vary depending on the cus- tomer, but a few policies closely adhered to are: • the vessel's main and auxiliary engines must be Caterpillar, • the vessel must be flagged in a country satisfactory to Caterpillar

Financial, and • Caterpillar Financial must be able to secure a first preferred ship mort- gage.

Some of the other requirements are summarized below and are typi- cal of Caterpillar Financial's lend- ing transactions: • term financing up to 80 percent of the vessel's hard costs (typically in the 70 to 75 percent range), • financing terms up to 10 years, • fixed rate loans at fixed spread over the comparable term U.S. Trea- sury Note, fixed at the time of fund- ing. The spread depends on credit history, country risk, etc.). For free information on financing your next casino vessel with Caterpillar,

Circle 88 on Reader Service Card

Administration Drops

Proposed 4% Gaming Tax

The Clinton Administration dropped a proposal that singled out the travel and tourism industry for a tax to finance welfare reform.

Many in the industry were relieved, viewing the development as a posi- tive signal that the industry's im- pact is being noticed, according to the Campaign to Keep Travel Com- petitive (KTC). KTC initially re- sponded to the proposal to levy a four percent tax on gaming revenue to finance welfare reform by send- ing letters to the President and key members of the administration im- ploring them to look beyond this method of financing the program. "It is bad public policy to single out one part of travel and tourism— gaming—especially when thousands and thousands of hotel and casino workers could lose their jobs as a result," said campaign co-chair Jim

Santini, Washington representa- tive, National Tour Association.

Players Intl. Selected As

Applicant In Indiana

Players International Inc. was informed by the city of Evansville,

Ind. that it is one of three applicants selected by the city to continue nego- tiations for a riverboat casino in

Evansville.

Bally Gaming Announces

New Contracts

Bally Gaming International, Inc. announced that its Bally Systems

Division entered into contracts with the San Carlos Apache Tribe of Ari- zona and The Greater Dubuque

Riverboat, Inc. of Dubuque, Iowa.

Under terms of the agreements,

Bally Systems will supply its new generation SDS/6000 system to each of the new customers. SDS/6000 is a state-of-the-art computerized player tracking, cash monitoring, account- ing and security data system for slot

STABLE INVESTMENTS

WITH MANY RETURNS.

FERRIES FROM PBI ARE

INVESTMENTS IN PROVEN ASSETS. * QUALITY ^ INTEGRITY ^ EXPERIENCE ^ PROVEN DESIGNS * TIMELY DELIVERY ^ CUSTOMER SATISFACTION 260 PASSENGER /26 CAR • EXCURSION FERRY 62 PASSENGER • Low WASH CATAMARAN RIVER COMMUTER FERRY m,

Peterson Builders, Inc.

P.O. Box 650 STURGEON BAY, WISCONSIN 54235-0650 (414) 743-5574 FAX:(414) 743-4784 360 PASSENGER • FAST CATAMARAN COASTAL PASSENGER FERRY

Circle 259 on Reader Service Card 126 Maritime Reporter/Engineering News