Rand Logistics Completes $525 Million Refinancing to Support Strategic Growth

WILLIAMSVILLE, N.Y., April 2, 2025 /PRNewswire/ -- Rand Logistics, Inc. ("Rand"), a leading provider of marine bulk freight shipping and logistics services throughout the Great Lakes region, today announced the successful completion of a $525 million credit facility through its subsidiary, Rand ASC Holdings LLC. The refinancing, led by PNC Bank N.A. as administrative agent, was executed through a syndicate of six banks.

Structured as an asset-based loan leveraging the value of Rand's active fleet, the new facility enhances the company's financial flexibility and liquidity, supports Rand's ongoing investments in fleet maintenance and optimization, and positions the company for larger-scale strategic initiatives, including new vessel construction and transformational M&A opportunities.

"We are extremely pleased to complete this refinancing, which strengthens our ability to invest in our existing fleet and ensures that Rand will remain a critical provider of marine transportation services for decades to come," said Joe Kassel, Chief Financial Officer. "This facility significantly enhances our liquidity and provides the financial flexibility needed to execute transformational investments, modernize our assets, and expand capacity to meet growing customer needs."

Greg Binion, Chief Executive Officer, added, "The favorable terms of this transaction demonstrate the market's confidence in Rand and our essential role in the U.S. and Canadian Great Lakes supply chains. As a cornerstone of marine bulk transportation in the region—serving key industries such as steel, power generation, and construction—this refinancing reinforces our commitment to operational efficiency, environmental stewardship, and ensuring the long-term reliability of our fleet for customers who depend on us."

Ropes & Gray LLP served as legal advisor to Rand, while Blank Rome LLP advised PNC Bank.

About Rand Logistics
Rand Logistics, Inc. is a leading provider of bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, American Steamship Company, Andrie, Grand River Navigation, and Lower Lakes Towing, the Company operates a fleet of 28 vessels, including one conventional bulk carrier, 20 self-unloading bulk carriers, and seven liquid-product vessels. The Company is the only carrier able to offer significant domestic port to port services in both Canada and the U.S. on the Great Lakes. The Company's vessels operate under the U.S. Jones Act which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed, and the Canada Coasting Trade Act which reserves domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports. For additional information, please visit: https://www.randlog.com/.

Contact
For Rand Logistics: 
Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

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SOURCE Rand Logistics, Inc.