MIAMI--(BUSINESS WIRE)--TCA Fund Management Group, “TCA”, has announced the closing of a $10,000,000 USD Senior Secured Debenture with an initial draw set at $4,250,000 for NewLead Holdings Ltd. (OTC: NEWL).
NewLead Holdings Ltd., the "Company”, is an international, vertically integrated shipping, logistics and commodity company providing solutions for worldwide seaborne transportation of dry bulk commodities and petroleum products. The company controls a fleet of ten vessels, including five dry-bulk and five tanker vessels and manages one-third party tanker vessel.
NewLead President and CEO, Mr. Michael Zolotas stated, “NewLead is elated to have closed this debenture with TCA. 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. We are looking forward to growing our fleet further with the financial support of TCA.”
NewLead continuously monitors the shipping market to ensure the capturing of opportunities in the sale and purchase as well as chartering of the vessels. The Company will focus on the growth of its fleet, developing both the dry bulk and tanker vessels fleet base. The current focus is on younger vessels to ensure a longer revenue capacity through extended employment lifetime and to improve the overall fleet age profile and trading flexibility.
Registered in Bermuda, the Company maintains offices in Piraeus, Greece and Charlotte, North Carolina, USA. The Company is a Securities and Exchange Commission ("SEC") reporting Foreign Private Issuer in compliance with applicable SEC rules and regulations and current in its SEC reporting, utilizing U.S. Generally Accepted Accounting Principles' financial reporting standards.
TCA’s Global Credit Master Fund is a short duration, absolute return niche Credit fund specializing in senior secured lending and advisory services to small, mainly listed companies predominately in the U.S., Canada, the United Kingdom and Australia. This specialist business helps to fill the underserved small-cap lending gap which exists in these markets.
For more information about NewLead, please visit http://www.newleadholdings.com
Forward Looking Statements:
The information contained herein does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. Any such offer may only be made by means of delivery of an approved confidential offering memorandum and only in those jurisdictions where permitted by law.