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NYC Ferry Operator’s Rescue Financing Led by Caspian

  • The three-year, $90 million loan charges about 11% interest
  • Hornblower sought funds to help weather pandemic pressures
A Ferry crosses the East River at Brooklyn Bridge Park.
Photographer: Al Bello/Getty Images

Credit investor Caspian Capital provided the majority of new financing lined up by Hornblower Group, the cash-strapped operator of the NYC Ferry system, amid a steep drop in passengers during the pandemic.

Caspian, which specializes in lending to troubled companies, backed over half of the $90 million loan that was raised in recent days, according to people with knowledge of the situation. The firm, an existing investor in Hornblower, provided 50.1% of the loan, while other investors were invited to participate in the remainder, the people said.