Great Lakes bulker operator Rand Logistics has refinanced over half a billion dollars in debt with a new loan provided by a consortium of banks.
Subsidiary Rand ASC Holdings has secured the new $525m credit facility from a group of six banks, led by Pittsburgh-based PNC Bank.
Chief financial officer Joe Kassel said the new funding will make Rand better able to invest in its existing fleet “and ensures that Rand will remain a critical provider of marine transportation services for decades to come”.
