Key Equipment Finance and Wintrust Commercial Finance have co-led a senior secured debt financing for The Dutra Group, supporting the refinancing of 80 assets and funding the construction of a rare U.S.-built trailing suction hopper dredger, Beagle 10.2.
Construction of such dredgers is rare in the United States, and the Beagle 10.2 is expected to play a key role in enhancing commercial shipping lanes and supporting national defense efforts for decades.
Key Equipment Finance served as joint lead arranger, lender and administrative agent, while Wintrust acted as joint lead arranger and lender. Six additional investors participated in the credit agreement, which included a shared collateral pool of vessels regulated under the U.S. Jones Act.
The Dutra Group, based in San Rafael, Calif., is a family-owned company specializing in heavy marine construction through its dredging, construction and materials divisions. The firm has operated for more than 50 years and is known for handling large-scale infrastructure projects across the country.
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