EuropeFinance and Insurance

NewLead Holdings secures $10m debenture for fleet expansion

Athens: NewLead Holdings has closed a $10m senior secured debenture from TCA Fund Management, with an initial draw of $4.25m that NewLead plans to use to expand its fleet.

“We have been in talks for over a year, with TCA witnessing our growth from just two vessels to over 10 in less than a year,” Michael Zolotas, NewLead’s president and CEO, said today of the deal.

“We are looking forward to growing our fleet further with the financial support of TCA,” he said.

Florida-based TCA’s Global Credit Master Fund describes itself as a “short-duration, absolute-return niche credit fund”. It provides senior secured lending and advisory services mainly for listed SMEs in North America, the UK and Australia, and “helps to fill the underserved small-cap lending gap that exists in these markets”.

NASDAQ-listed NewLead currently operates five bulkers and five tankers, and manages one third-party tanker vessel.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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