Founded in 1996, the borrower based in Kentucky is a leading provider of independent barge towing services on the inland waterways system. On September 1, 2017, the family of companies was consolidated under the borrower.

The company operates a differentiated, towing-focused business model and is one of only two operators that provide dedicated outsourced ton-mile towing services with high horsepower vessels (6,000+ HP). The company currently operates a fleet of 34 inland towboats ranging from 940 to 10,600 HP, operating on the Lower Mississippi, Upper Mississippi, Illinois, Arkansas, and Missouri River segments. In addition to the Company’s towing and harbor shifting services, they operate a full-service vessel repair yard, a diesel engine repair business, and SMS Machine and Fabrication, a full-service machine shop. For the 9 months ended on September 30, 2020, 97% of the company’s revenues were generated by its marine transportation segment. Historically, the segment’s customers have primarily included covered grain barge owners and operators. Consequently, the company’s marine transportation business is directly affected by agricultural production volumes and other economic factors, including tariffs on trade exports.

Loan ID 0154
DSCR 1.25
LTV 68.5
Note Rate 5.75
Property Location KY
NAICS 551114
Guaranty Type USDA
Loan Term 10 yrs
Rate type Var
Note date 11/18/2021
Maturity date 11/18/2031
Participation Availability Amount $0
Minimum Participation Amount $250,000
Original Loan Amount $14,222,829
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