Tidewater Holdings, Inc. announced today that it has entered into a $115 million refinance package with Northwest Farm Credit Services. Northwest FCS was the lead arranger and Barclays acted as sole placement agent on the refinance package.
"Northwest FCS is a company whose mission and commitment to investing in agricultural businesses aligns well with Tidewater," said Bob Curcio, President & CEO of Tidewater.
Tidewater's operations include terminal services and tug & barge operations on the Columbia and Snake River systems in the Pacific Northwest. A major part of the company's business is providing farmers a safe, clean, and economic way of transporting agricultural commodities, primarily wheat, to export grain elevators on the Lower Columbia and Willamette Rivers.
"The transaction leveraged the financial strength and industry knowledge of several entities within the Farm Credit System to meet the needs of this important client. Tidewater's relevance to Pacific Northwest agriculture and transportation is a critical link in bringing several core commodities to market," said Casey Kinzer, of Northwest FCS. "Tidewater has a long-standing tradition of service to farmers on the Columbia River and Northwest FCS and our Farm Credit partners are pleased to be a part of this Tidewater relationship, and with the new ownership team at Stonepeak Infrastructure Partners.
"The completion of this refinance package provides the financial resources and flexibility necessary to execute our strategic plan for Tidewater's business growth and expansion," added Trent Vichie, Stonepeak Infrastructure Partners. Tidewater was founded in 1932 and has evolved from a barge line, primarily handling wheat, into Tidewater Holdings Inc., a multi-commodity transportation and terminal company serving the diverse and evolving transportation needs of the Pacific Northwest. Headquartered in Vancouver, WA, with more than 230 employees in Washington and Oregon, the company's operating area spans 465 miles on the Columbia and Snake River systems extending from the inland Port of Lewiston, Idaho, to the Port of Astoria, OR, on the Pacific Coast.