The Virginia E. Towey is one of four towboats and 81 river barges involved in a $28-million leveraged lease arranged for Dravo Corporation by Westinghouse Credit Corporation and Seafirst Leasing Corporation. Dravo will operate the equipment to transport dry bulk commodities such as coal, grain, ores, and various manufactured products.
Westinghouse Credit Corporation and Seafirst Leasing Corporation, through a partnership arrangement, have provided the equity in the $28-million leveraged lease of four towboats and 81 river barges arranged for Dravo Corporation.
WCC and Seafirst, respectively, provided 90 percent and 10 percent of the equity investment. The Travelers Insurance Companies and Connecticut General Life Insurance Company provided the debt in the transaction.
The towboats and barges represent a major part of the operating assets of Nilo Barge Line, acquired by Dravo in June from the Olin Corporation. Through a subsidiary, Dravo Mechling Corporation, Dravo ranks as one of the largest carriers on the Mississippi-Ohio River system. The firm is using the equipment to transport dry bulk commodities such as coal, grain, ores, and various manufactured products.
Towboats included in the arrangement are the 5,000-hp City of St. Louis, the 5,850-hp Virginia E. Towey, the 7,000-hp James F. Towey, and the 7,000-hp Theresa Seley.
Westinghouse Credit Corporation, a wholly owned subsidiary of Westinghouse Electric Corporation, is a $2-billion finance company headquartered in Pittsburgh, Pa.
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