FleetBoston Financial has launched syndication of a $175 million refinancing deal for Moran Transportation. The credit includes a six-year, $125 million term loan priced at LIBOR plus 31/4% and a five-year, $50 million revolver priced at LIBOR plus 21/2%. The credit will refinance the Greenwich, Conn.-based company's existing $78.6 million term loan priced at LIBOR plus 31/2%, $40 million "A" loan priced at LIBOR plus 3% and $60 million revolver also priced at LIBOR plus 3%. A Fleet official declined comment.
A banker familiar with the deal said Bank of America is part of the new credit, serving as a syndication agent. B of A is an agent on the existing deal as well. Moran is a wholly owned subsidiary of Moran Enterprises Corp. and provides tug and marine transportation services on the east and Gulf coasts. Ted Tregurtha, president of Moran, did not return calls for comment.