U.S. Shipping sets Wednesday bank meeting for $220 million term loan

By Paul A. Harris

Portland, Ore., March 25 - A bank meeting is scheduled for 10 a.m. ET on Wednesday to discuss the proposed U.S. Shipping Corp. $220 million five-year senior secured term loan B, according to an informed source.

UBS Securities LLC is the left lead. BofA Merrill Lynch is the joint bookrunner.

The deal comes with 1% per annum amortization.

Spread and pricing remain to be determined.

The Edison, N.J.-based provider of long-haul marine transportation services plans to use the proceeds to refinance debt.

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