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.