SUPERIOR, Colo. – July 19, 2023 – Key Equipment Finance, a division of KeyBank and one of the largest bank-based financial services companies in the nation, recently served as the lead arranger of a group syndication providing $177.5 million in financing for Pasha Hawaii’s second Liquefied Natural Gas (LNG)-powered container ship, the MV Janet Marie. Based in Honolulu, Pasha Hawaii is one of the nation’s leading shipping and logistics companies.
The MV Janet Marie is a 774-foot LNG-fueled container ship used for transporting containers between Hawaii and the mainland United States. The vessel will accompany its sister Pasha Hawaii LNG-fueled ship, the MV George III, which Key Equipment Finance also helped as lead arranger.
“We are thrilled to work with Pasha Hawaii once again and deliver a financing solution to help with construction of the second LNG-powered vessel to be operated by the company,” said Phil Turner, executive vice president and managing director for capital markets, Key Equipment Finance. “This solution was not without challenges, considering world events over the past few years, but Key’s financing team focused on supporting our client, with the backing of a diversified bank group. The highly efficient and expertly designed MV Janet Marie will join MV George III in servicing Hawaii for years to come.”
MV Janet Marie and MV George III are two of the first LNG-powered vessels to serve the West Coast, operating on LNG from day one in service, and substantially improving the vessels’ environmental footprint.
“We are pleased to complete financing on our second vessel, the MV Janet Marie – another successful deal worked with the skilled team at Key through unconventional times, including an international pandemic, followed by supply chain challenges, labor shortages and uncertain economic times,” said George Pasha, IV, president and CEO of The Pasha Group, the parent company of Pasha Hawaii. “MV Janet Marie joins MV George III, both named in honor of my late parents, as state-of-the art LNG-powered vessels built specifically to meet the needs of the mainland/Hawaii market and minimize environmental impact.”
Pasha Hawaii notes that MV Janet Marie “surpasses the International Maritime Organization (IMO) 2030 emission standards for ocean vessels, accompanying its sister ship, MV George III, in representing the most technologically advanced and environmentally friendly vessels to serve Hawaii. Energy efficiencies are also achieved with a state-of-the-art engine, an optimized hull form, and an underwater propulsion system with a high-efficiency rudder and propeller.”
The Key Equipment Finance team was led by Brandon Hannaman and Sera Oliver.
“Sera and I also recognize the expertise and collaboration of North American Marine Consultants, LLC and Womble Bond Dickinson LLP’s Jill Davidson throughout this transaction,” said Brandon Hannaman, senior vice president, Key Equipment Finance. “This team was instrumental in seeing this transaction through to closing.”
About Key Equipment Finance
Key Equipment Finance, a division of KeyBank, has been in the equipment, software and services finance business for over 50 years and is one of the largest bank-owned equipment finance providers in the U.S. The company provides tailored equipment lease and finance solutions for commercial clients and government entities, manufacturers, distributors, resellers and, through Specialty Finance Lending, a business unit of KeyBank, provides structured facilities across various sectors of the specialty finance market. Additionally, Key Equipment Finance’s capital markets team utilizes its syndication capabilities to structure large, multi-bank transactions. With headquarters outside Denver, Colorado, Key Equipment Finance manages approximately $14.9 billion in assets and originates approximately $5.5 billion of equipment financing annually. For more information, visit keyequipmentfinance.com.
About KeyCorp
KeyCorp's roots trace back nearly 200 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 $198 billion at March 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 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. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
About Pasha Hawaii
Pasha Hawaii, an independent operating subsidiary of The Pasha Group, is one of the nation’s leading domestic ocean shipping companies serving Hawaii from the continental United States. The company operates a fleet of fully Jones Act-qualified vessels and operates out of multiple port terminals. Pasha Hawaii is a trusted partner for many of the nation’s leading retailers, manufacturers and U.S. government agencies, providing reliable containerized and roll-on/roll-off cargo services that leverage its unique combination of ocean transportation and inland distribution capabilities to deliver goods that are vital to the people of the State of Hawaii and the prosperity of the Hawaii market it serves.