Rand Logistics gets $212.5 million facilities with GE, Guggenheim

By Jennifer Chiou

New York, March 12 - Rand Logistics, Inc. announced that it has closed on $212.5 million of financing through syndicates led by GE Capital Corp. and Guggenheim Corporate Funding, LLC.

According to a news release, the financing comprises a $140 million senior secured credit facility with GE Capital and a $72.5 million second-lien facility with Guggenheim.

Barclays acted as the placement agent for the second-lien facility.

Proceeds will be used to refinance the company's senior secured debt and to pay preferred dividends.

The company noted that its refinancing gives it the option to repurchase up to $7.5 million of its convertible preferred stock for par value plus any accrued dividends.

Based in New York, Rand provides bulk freight shipping services in the United States and Canada.

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