Superior, CO., (June 29, 2017) - Key Equipment Finance, one of the nation’s largest bank-held equipment finance companies and an affiliate of KeyCorp (NYSE: KEY), today announced that it has provided $53 million in financing for VanEnkevort Tug & Barge, Inc. (VTB) for the acquisition of the newest tug barge in the Great Lakes through its marine finance group. In addition, the firm’s capital markets and syndications team served as sole lead arranger on the syndication of 50 percent of the transaction.
VTB has expanded its fleet and is operating the two newest and most efficient articulated barges on the Great Lakes. The newly acquired vessel is the sister ship to VTB’s Great Lakes Trader, the second newest vessel on the Lakes. The 875 foot barge is pushed by the 135 foot tug, Clyde S Van Enkevort.
VTB is a privately owned bulk transport company that serves the mining, steel and construction industries throughout the Great Lakes.
“We are excited to add one of the most modern and efficient self-discharging bulkers to our fleet” said Clyde VanEnkevort, president and CEO of VTB. “KeyBank and Key Equipment Finance have been instrumental in the successful acquisition of this vessel, and really understood our needs.”
“Our insights into the industry through our marine finance group headed by Ronnie Evans, Director of Marine and the vessel valuation helped us structure financing that would meet the needs of VTB,” said Paolo de Alessandrini, senior vice president, KeyBank. “We are excited to help VTB grow and add to its modern fleet on the Great Lakes.”
About Key Equipment Finance
Key Equipment Finance has been in the equipment finance business for 44 years and is one of the largest bank-based equipment finance providers in the U.S. The company provides tailored equipment lease and finance solutions for commercial clients and government entities. Through its manufacturer and vendor alliances unit, equipment finance programs are developed for manufacturers, distributors and resellers.
Key Equipment Finance’s specialty finance group includes a specialty finance lending team, which provides structured facilities to various sectors of the specialty finance market, and a lease capital markets team to support corporations looking to optimize risk and revenue. Headquartered outside Denver, Colorado, Key Equipment Finance manages nearly $12 billion in assets and originates $4.5 billion of equipment financing annually. For more information, visit http://www.keyequipmentfinance.com.
About KeyCorp
KeyCorp’s roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies with assets of approximately $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 15 states under the name KeyBank National Association and First Niagara Bank, National Association, through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.