Beal Bank USA Lends $450M to Otto Candies to Grow Commitment to Jones Act

[By: Beal Bank USA]

Beal Bank USA is pleased to announce that it has arranged a term loan of $450,000,000 to Otto Candies, LLC.

Andy Longhurst, Managing Director and head of Shipping for Beal Bank USA's wholly-owned commercial lending subsidiary CSG Investments, Inc., said, "Acquiring four high quality, high-demand vessels represents a pivotal moment for Otto Candies. These funds will help the company further develop their existing first-class platform in the Jones Act offshore markets, supporting both oil & gas and wind development and production. With this facility, CSG is once again demonstrating our willingness to originate large transactions on a bilateral basis, supporting niche, but vital, maritime asset classes."

Otto Candies III, CEO of Otto Candies, LLC, said, "This acquisition marks a major milestone for Otto Candies, LLC, and we're grateful to Beal Bank USA for their critical role in making it happen. Their ability to move decisively and provide a clear, committed financing solution on a tight timeline was instrumental."

Farzin Dinyarian, Managing Director and head of Oil & Gas for CSG said, "Beal Bank USA is always looking to support large American owned and operated companies across industries with their secured financing needs."

Piper Sandler acted as sole placement advisor to Otto Candies, LLC. The proceeds from the loan were used for general corporate purposes, including refinancing of existing indebtedness and paying for the acquisition of the 4 MPSVs from Harvey Gulf.