May 23rd, 2014, Houston – Southwest Shipyard, L.P., a leading provider of vessel cleaning, repair, refurbishing and construction services to the marine industry, closed on a new credit facility with Cadence Bank, N. A. The new credit facility has the ability to quickly provide upto $45 million in the event of acquisitions or other asset intensive transactions.
Cadence Bank, N.A. is a regional bank with a network of 99 locations across Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Backed by 127 years of financial expertise, Cadence is a financially strong institution with a solid capital base and $6.5 billion in assets. Cadence provides small and middle-market businesses with a full range of banking, financial management, investment and trust services, and serves as a source of capital for leading companies.
“We are excited about the financial flexibility we will have working with a great institution like Cadence,” said Read Boles, President and CEO. Read further added “Their entrepreneurial flair really lets them understand our goals and will facilitate our growth and expansion plans.”
About Southwest Shipyard, L.P. Southwest Shipyard was formed in 1954 and today owns and operates four (4) shipyards in South Texas with direct deep water access to the Gulf of Mexico. The company provides gas freeing and cleaning services, topside and major repairs, surface preparation and painting, major conversion, renovation and new construction services to the entire marine industry. Southwest Shipyard currently can handle Inland and Offshore Barges, Boats, OSVs, Ferries and Offshore tugs. Learn more about Southwest Shipyard, L.P. at www.swslp.com.