Porter Hedges Represents Signet Maritime in $132MM Debt Financing from First Citizens Bank

Porter Hedges represented Signet Maritime Corporation (“Signet Maritime”) in connection with $132 million of new senior secured term loan and asset-based financings arranged by First Citizens Bank.

Proceeds from the financings were used to repay and retire Signet Maritime’s prior first lien credit facility, to fund development capital expenditures, and for working capital. 

Signet Maritime has been an industry leader delivering quality marine transportation and logistics services to customers worldwide. The company operates a diverse fleet of tug and marine assets specifically designed for multi-disciplinary work, including ship-assist, ship escort, towing, offshore support, maritime aerospace, subsea and rig moves.

For additional details, see the First Citizens Bank press release here.