Key Equipment Finance (KEF) acted as Joint Lead Arranger, Lender, and Administrative Agent partnering with Wintrust Commercial Finance, which acted as Joint Lead Arranger and Lender for a senior secured debt financing with The Dutra Group (“Dutra”).

The financing refinanced an existing fleet of 80 assets and provided construction-to-term loan financing for a new trailing suction hopper dredger, Beagle 10.2. Construction of hopper dredges in the U.S. are rare, and this vessel is expected to significantly enhance trading lanes and national defense initiatives for many decades.

A credit agreement involving six additional investors resulted in a shared collateral pool of the U.S. Jones Act regulated vessels. KEF is honored to have been part of this monumental transaction. Dutra chose KEF due to its long-term relationship and marine finance expertise. The amount of the financing was not disclosed.

The Dutra Group, based in San Rafael, CA is a leader in heavy marine construction, comprising Dutra Dredging, Construction, and Materials divisions. Dutra’s integrated model allows it to handle projects of any size with reliability and experience. The company has maintained family ownership for over 50 years.