NYC Ferry Operator Hornblower to Get $70 Million Liquidity Line

The operator of the New York City ferry system told lenders it is getting a liquidity lifeline from its owner Crestview Partners, according to people familiar with the situation.

The private equity fund plans to provide around $70 million to Hornblower Group to help shore up the company’s cash reserves, said the people, who asked not to be named discussing a private matter. Crestview is providing a roughly $26.5 million equity contribution, while the remaining investment will be structured as an unsecured loan, which is tied to Australian travel group Journey Beyond, they said.

Proceeds from the unsecured loan ...