Signet Maritime refinances $132 million, receives nearly $388,000 federal grant

Signet Maritime Corporation has arranged $132 million in debt refinancing and its Pascagoula, Mississippi, shipyard will receive nearly $388,000 in federal funding, the company and the U.S. Department of Transportation said.

First Citizens Bank said its Capital Equipment Finance business arranged the $132 million term loan for the Houston-based marine transportation and logistics company. Signet Maritime said the proceeds will repay and retire its existing first-lien credit facility, fund development capital expenditures and cover related transaction fees and expenses.

Signet President, CEO and founder J. Barry Snyder, who the company said retains 100% ownership of Signet’s stock, said the recapitalization and the company’s position in its ports of operation will support expansion initiatives. “Signet’s exceptional maritime expertise combined with our financial flexibility will allow our company to execute on numerous expansion initiatives over the next 14 months,” Snyder said in a statement.

The U.S. Department of Transportation said the funding to the Pascagoula shipyard comes through its $35 million Small Shipyard Grant program. Signet said the Mississippi Coast shipyard will use the funds to purchase tools and equipment to accelerate production and increase the quality of its work.

Signet Maritime is headquartered in Houston and operates a shipyard in Pascagoula, the company said.

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