MONTREAL, May 12 /CNW Telbec/ - TransForce Inc. ("TransForce" or "the Company") (TSX: TFI - T), the leader in the Canadian transportation and logistics industry, today announced the extension and amendment of its $100-million loan agreement with Solidarity Fund QFL.
The term of the loan has been extended and is now repayable on October 30, 2017. The new interest rate on the loan is 7.75%, payable monthly. The loan, originally provided in May 2008, is in the form of an unsecured debenture of TFI Holdings Limited Partnership, a wholly-owned subsidiary of TransForce Inc.
The debenture may be repaid, without penalty, commencing two years after the commencement date of the amended loan, subject to the approval of TransForce's syndicate of bank lenders.
TransForce intends to continue to use the loan for general corporate purposes.
TransForce Inc. (www.transforce.ca) is the leader in Canada's transportation and logistics industry. Headquartered in Montreal, Quebec, TransForce creates value for shareholders through managing and investing in a growing network of wholly-owned, operating subsidiaries. TransForce provides a comprehensive and unique combination of capabilities, resources and geographical coverage in both domestic and trans-border markets. Its companies currently operate in four well-defined business segments:
- Package and Courier;
- Specialized Services, which includes its ancillary transportation
services such as logistics, fleet management & personnel services;
oilfield & oils and services, and waste management;
- Truckload, which includes specialized truckload and dedicated services.
TransForce Inc. shares are listed on the Toronto Stock Exchange under the symbol TFI.
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TransForce. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TransForce's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
SOURCE TransForce Inc.
For further information: For further information: Investors: Alain Bédard, Chairman, President and CEO, TransForce Inc., (514) 331-4200, firstname.lastname@example.org; Media: John Lute, Lute & Company, (416) 929-5883, email@example.com