Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us


July 07, 2015 5:55 AM ET

Marine

Company Overview of Lower Lakes Towing Ltd.

Company Overview

Lower Lakes Towing Ltd. provides bulk freight shipping services in Canada and the United States. It operates a fleet of conventional bulk carriers that transport dry bulk commodities, including limestone, coal, iron ore, salt, grain, and other commodities for customers in construction, electric utility, integrated steel, and food industries. The company was founded in 1994 and is based in Port Dover, Canada. As of March 3, 2006, Lower Lakes Towing Ltd. operates as a subsidiary of Rand Logistics, Inc.

517 Main Street

P.O. Box 1149

Port Dover, ON N0A 1N0

Canada

Founded in 1994

Phone:

519-583-0982

Fax:

519-583-1946

Key Executives for Lower Lakes Towing Ltd.

Chief Executive Officer and President
Age: 51
Vice President of Planning & Analysis
Compensation as of Fiscal Year 2015.

Lower Lakes Towing Ltd. Key Developments

Lower Lakes Towing Ltd, Grand River Navigation Company, Inc., and Black Creek Shipping Company, Inc., Enter into Term Loan Credit Agreement

On March 11, 2014, Lower Lakes Towing Ltd, Grand River Navigation Company, Inc., and Black Creek Shipping Company, Inc., as borrowers, Rand LL Holdings Corp., Rand Finance and Black Creek Holdings, each of which is a wholly-owned subsidiary of Rand, and Rand, as guarantors, Guggenheim Corporate Funding, LLC, as agent and Lender, and certain other lenders, entered into a Term Loan Credit Agreement, which provides term loans (i) to partially repay outstanding indebtedness of borrowers under the 2012 Credit Agreement, (ii) to partially pay the acquisition and construction costs for a new vessel, (iii) pay accrued but unpaid dividends due on Rand’s Series A Convertible Preferred Stock and (iv) to provide working capital financing, funds for other general corporate purposes and funds for other permitted purposes.  The Term Loan Credit Agreement provides for (i) a US Dollar denominated term loan facility under which Lower Lakes is obligated to the Lenders in the amount of $34,200,000, (ii) US dollar denominated term loan facility under which Grand River and Black Creek are obligated to the Lenders in the amount of $38,300,000 and (iii) an uncommitted incremental term loan facility of up to $32,500,000. The outstanding principal amount of the Second Lien CDN Term Loan borrowings will be repayable upon the Second Lien CDN Term Loan’s maturity on March 11, 2020.  The outstanding principal amount of the Second Lien US Term Loan borrowings will be repayable upon the Second Lien US Term Loan’s maturity on March 11, 2020. The Second Lien CDN Term Loan and Second Lien US Term Loan will bear an interest rate per annum at borrowers’ option, equal to (i) LIBOR (as defined in the Term Loan Credit Agreement) plus 9.50% per annum, or (ii) the US Base Rate (as defined in the Term Loan Credit Agreement), plus 8.50% per annum. Obligations under the Term Loan Credit Agreement are secured by (i) a first priority lien and security interest on all of the borrowers’ and guarantors’ assets, tangible or intangible, real, personal or mixed, existing and newly acquired, (ii) a pledge by Rand LL Holdings of all of the outstanding capital stock of the borrowers, other than Black Creek and Lower Lakes, and a pledge of 65% of the outstanding capital stock of Lower Lakes; (iii) a pledge by Black Creek Holdings of all of the outstanding capital stock of Black Creek; (iv) a pledge by Lower Lakes of all of the outstanding capital stock of LLSR and LLT17 and (v) a pledge by Rand of all of the outstanding capital stock of Rand LL Holdings, Rand Finance and Black Creek Holding.  The indebtedness of each domestic borrower under the Term Loan Credit Agreement is unconditionally guaranteed by each other domestic borrower and by the guarantors which are domestic subsidiaries, and such guaranty is secured by a lien on substantially all of the assets of each borrower and each guarantor.  Each domestic borrower also guarantees the obligations of the Canadian borrower and each Canadian guarantor guarantees the obligations of the Canadian borrower. Under the Term Loan Credit Agreement and subject to the terms of the Inter creditor Agreement (as defined below), the borrowers will be required to make mandatory prepayments of principal on term loan borrowings (i) in the event of certain dispositions of assets and insurance proceeds (all subject to certain exceptions), in an amount equal to 100% of the net proceeds received by the borrowers there from, and (ii) in an amount equal to 100% of the net proceeds to a borrower from any issuance of a borrower’s debt or equity securities (all subject to certain exceptions). The Term Loan Credit Agreement contains certain covenants, including those limiting the guarantors, the borrowers, and their subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends.  In addition, the Term Loan Credit Agreement requires the borrowers to maintain certain financial ratios.  Failure of the borrowers or the guarantors to comply with any of these covenants or financial ratios could result in the loans under the Term Loan Credit Agreement being accelerated. The obligations of the borrowers and the liens of the lenders under the Term Loan Credit Agreement are subject to the terms of an Inter creditor Agreement.

Lower Lakes Towing Ltd, Lower Lakes Transportation Company, Grand River Navigation Company, Inc., and Black Creek Shipping Company, Inc. Enter into Fourth Amended and Restated Credit Agreement

On March 11, 2014, Lower Lakes Towing Ltd. (Lower Lakes), Lower Lakes Transportation Company (LLTC), Grand River Navigation Company, Inc. (Grand River), Black Creek Shipping Company, Inc. (Black Creek), each of which is an indirect wholly-owned subsidiary of Rand Logistics, Inc. (Rand), as borrowers, Rand LL Holdings Corp., Rand Finance Corp. and Black Creek Shipping Holding Company, Inc., each of which is a wholly-owned subsidiary of Rand, Lower Lakes Ship Repair Company Ltd. and Lower Lakes Towing (17) Ltd., each of which is a wholly-owned subsidiary of Lower Lakes, and Rand, as guarantors, General Electric Capital Corporation, as agent and Lender, and certain other lenders, entered into a Fourth Amended and Restated Credit Agreement, which (i) amends and restates the existing third amended and restated credit agreement to which the borrowers are a party, dated as of August 30, 2012, as the same has been amended from time to time, in its entirety, (ii) consolidates the existing US term loans into a single term loan, (iii) provides for certain new loans and (iv) provides working capital financing, funds for other general corporate purposes and funds for other permitted purposes. The Fourth Amended and Restated Credit Agreement provides for (i) a revolving credit facility under which Lower Lakes may borrow up to CAD 17,500,000 with a seasonal overadvance facility of CAD 17,000,000, less the principal amount outstanding under the seasonal overadvance facility for LLTC and a swing line facility of CAD 4,000,000, subject to limitations, (ii) a revolving credit facility under which LLTC may borrow up to USD 17,500,000 with a seasonal overadvance facility of USD 17,000,000, less the principal amount outstanding under the seasonal overadvance facility for Lower Lakes and a swing line facility of USD 50,000, subject to limitations, (iii) the continuation of an existing Canadian dollar denominated term loan facility under which Lower Lakes is obligated to the Lenders in the amount of CAD 54,881,822.82 as of the date of the Fourth Amended and Restated Credit Agreement, (iv) the modification and continuation of a US dollar denominated term loan facility under which Grand River and Black Creek are obligated to the Lenders in the amount of $55,245,546.73 as of the date of the Fourth Amended and Restated Credit Agreement. Under the Fourth Amended and Restated Credit Agreement, the revolving credit facilities and swing line loans expire on April 1, 2019. The outstanding principal amount of the CDN Term Loan borrowings will be repayable as follows: (i) quarterly payments of equal to 1% of the initial principal amount thereof commencing September 1, 2014 and (ii) a final payment in the outstanding principal amount of the CDN Term Loan upon the CDN Term Loan’s maturity on April 1, 2019. The outstanding principal amount of the US Term Loan borrowings will be repayable as follows: (i) quarterly payments equal to 1% of the initial principal amount thereof commencing September 1, 2014, and (iii) a final payment in the outstanding principal amount of the US Term Loan upon the US Term Loan’s maturity on April 1, 2019. Borrowings under the Canadian revolving credit facility, the Canadian swing line facility and the CDN Term Loan will bear an interest rate per annum, at the borrowers option, equal to (i) the Canadian Prime Rate (as defined in the Fourth Amended and Restated Credit Agreement), plus 3.00% per annum or (ii) the BA Rate (as defined in the Fourth Amended and Restated Credit Agreement) plus 4.00% per annum. Borrowings under the US revolving credit facility, the US swing line facility and the US Term Loan will bear interest, at the borrowers’ option equal to (i) LIBOR (as defined in the Fourth Amended and Restated Credit Agreement) plus 4.00% per annum, or (ii) the US Base Rate (as defined in the Fourth Amended and Restated Credit Agreement), plus 3.00% per annum. Obligations under the Fourth Amended and Restated Credit Agreement are secured by (i) a first priority lien and security interest on all of the borrowers’ and guarantors’ assets, tangible or intangible, real, personal or mixed, existing and newly acquired, (ii) a pledge by Rand LL Holdings of all of the outstanding capital stock of the borrowers other than Black Creek and Lower Lakes, and a pledge of 65% of the outstanding capital stock of Lower Lakes; (iii) a pledge by Black Creek Holdings of all of the outstanding capital stock of Black Creek; (iv) a pledge by Lower Lakes of all of the outstanding capital stock of LLSR and LLT17 and (v) a pledge by Rand of all of the outstanding capital stock of Rand LL Holdings, Rand Finance and Black Creek Holdings. The indebtedness of each domestic borrower under the Fourth Amended and Restated Credit Agreement is unconditionally guarantied by each other domestic borrower and by the guarantors which are domestic subsidiaries, and such guaranty is secured by a lien on substantially all of the assets of each borrower and each guarantor. Each domestic borrower also guarantees the obligations of the Canadian borrower and each Canadian guarantor guarantees the obligations of the Canadian borrower. Under the Fourth Amended and Restated Credit Agreement, the borrowers will be required to make mandatory prepayments of principal on term loan borrowings (i) if the outstanding balance of the term loans plus the outstanding balance of the seasonal facilities exceeds the sum of 85% of the orderly liquidation value of the vessels owned by the borrowers, less the amount of outstanding liens against the vessels with priority over the lenders’ liens, in an amount equal to such excess, (ii) in the event of certain dispositions of assets and insurance proceeds (all subject to certain exceptions), in an amount equal to 100% of the net proceeds received by the borrowers therefrom, and (iii) in an amount equal to 100% of the net proceeds to a borrower from any issuance of a borrower’s debt or equity securities (all subject to certain exceptions). The Fourth Amended and Restated Credit Agreement contains certain covenants, including those limiting the guarantors’, the borrowers’, and their subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the Fourth Amended and Restated Credit Agreement requires the borrowers to maintain certain financial ratios. Failure of the borrowers or the guarantors to comply with any of these covenants or financial ratios could result in the loans under the Fourth Amended and Restated Credit Agreement being accelerated.

Similar Private Companies By Industry

Company Name Region
Cross Marine, Inc. Americas
Canfornav Inc. Americas
10663 Newfoundland Ltd. Americas
Excursions Nautiques Hargo Inc. Americas
Seaway Marine Transport, Inc. Americas

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
NYC2012, Inc. United States
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Lower Lakes Towing Ltd., please visit www.lowerlakes.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.