Umpqua Bank Provides $47.6 Million of Senior Secured Credit Facilities to Bay Ship & Yacht Co.
GlobeNewswire 12-Jan-2018 5:34 PM
Bay Ship & Yacht Co., is one of the largest vessel maintenance and repair companies on the West Coast
Credit facilities will be used for working capital, recapitalization and acquisition
SAN FRANCISCO, Jan. 12, 2018 (GLOBE NEWSWIRE) -- Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ:UMPQ) has provided $47.6 million in senior secured credit facilities to Bay Ship & Yacht Co., the largest vessel maintenance and repair company in Northern California. The financing will be used for working capital, recapitalization and acquisition finance. Terms of the transaction, which closed December 15, 2017, were not disclosed.
Bay Ship & Yacht plays a critical role in the health of our regions maritime economy and is well known for setting a high bar of quality service to the commercial vessel community, said Jim Higgins, Umpqua Bank Senior Vice President of Corporate Banking. Umpqua evaluated Bay Ship & Yachts unique market position and was able to provide tailored financing solutions to support its growth strategy. We look forward to a strong, productive partnership.
According to Alan Cameron, Bay Ship & Yachts General Manager, Bay Ship & Yacht is proud to be a leading West Coast construction and repair company for commercial, military and superyacht vessels. We see tremendous opportunity in the market, and this financing through Umpqua will help us achieve our long-term plans for growth.
About Umpqua Bank Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Nevada. Umpqua Bank offers a full range of banking solutions for businesses of all sizes through its Corporate Banking Division, Commercial Banking Division, Small Business Banking Division, SBA department and retail stores. Services are tailored to meet customers unique needs and include deposit account solutions, merchant services, robust lending programs, debt capital markets, international banking, M&A advisory services, and equipment leasing through Financial Pacific, a subsidiary of Umpqua Holdings Corporation and a nationally recognized commercial finance company. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC.
About Bay Ship & Yacht Co.Bay Ship & Yachtwas founded in 1977 by Bill Elliott with a primary focus on the construction and repair of wooden ships. Bill traveled the country with his crew, instilling in them a deep respect for the sea and a passion for achieving the level of quality that ocean travel demands. That passion endured as the company made the transition to repair andconversion of commercial and military vessels and superyachts. Today, the passion for qualityanchors its mission to deliver absolute customer satisfaction. Bay Ship & Yacht's commitment to quality construction and repair is widely recognized throughout the commercial vessel community. That reputation is well-known to experienced owners who have made Bay Ship & Yacht their company of choice, and who recognize that the Bay Ship & Yacht experience has set the standard for others to follow.
Kurt Heath 503-219-6124KurtHeath@umpquabank.com