![]() Our modern fleet of tractors is backed up by a team of committed professionals whose focus lies squarely on meeting the needs of our customers and our drivers. We offer customers a broad portfolio of services using our own truckload fleet and third‐party carriers through our non‐asset‐based truck brokerage network. is the nation’s fifth largest asset-based truckload carrier by revenue, providing services primarily throughout the United States. ![]() In connection with the aforementioned transactions, the Company expects to record a non-cash write-off of approximately $0.5 million in deferred financing costs, and approximately $0.2 million in new financing costs, in the first quarter of 2020.įounded in 1985, U.S. In addition, the Company is completing the perfection process on real estate that is expected to bring available borrowing capacity to over $100 million in the near term. After Jthe letter of credit fee and applicable margin will fluctuate quarterly based on excess availability.Ĭontemporaneously with closing the new revolving credit facility, the Company is completing approximately $100 million in tractor and real estate financings, with proceeds used to pay off a portion of the prior credit agreement. The description above is not complete, and readers are referred to the Company’s Form 8-K filed with the Securities and Exchange Commission for additional information.Īt closing of the new facility, the letter of credit fee and the applicable margin charged on outstanding borrowings declined 1.0% compared to the most recent pricing on the prior facility. Grid ranging from Libor + 1.25% to Libor + 1.75% based on excess availabilityįixed charge coverage ratio of at least 1.00 : 1.00 tested only if excess availability is less than the greater of $20 million or 10% of the facilityĬustomary terms and conditions for similar facilities, including the ability to finance and refinance equipment and other assets ~$100+ million upon completion of real estate perfection and other post-closing items ~$75 million at closing Lesser of facility size or a borrowing base related to eligible accounts, equipment, and real estate $250 million, with an uncommitted ability to increase to $325 million The new credit facility contains the following major terms: The new facility’s single financial covenant – fixed charge coverage, tested only if available borrowing falls below a threshold amount – will afford us significant flexibility toward executing this plan.” The refinancing will support several of our goals including improved pricing, the ability to grow our borrowing base with the business, and adding flexibility to execute our plan to convert a significant portion of our fleet from operating lease financing to owned financing over time, to optimize our tax and trade-in positions. New facility lowered interest rates and increased flexibilityįormer facility was fully paid off with proceeds of new facility and contemporaneous real estate and equipment financingsĮstimated availability of over $100 million following post-closing activitiesĮric Peterson, Chief Financial Officer commented, “We appreciate the continued support from our lenders, with Bank of America, JP Morgan Chase Bank, Wells Fargo Bank, and Regions Bank all remaining in our bank group. ![]() (NYSE:USX) (the “Company”) today announced the refinancing of its Senior Credit Facility.
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