MONTREAL, Aug. 9, 2012 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a North American leader in the transportation and logistics industry, today announced it has concluded a formal agreement to extend and increase its existing credit facility.
As announced July 27, 2012, under the terms of the agreement, the credit facility has been extended to August 2015. The facility is unsecured and can be extended annually. The total available amount has been increased from $650 million to $800 million and the agreement provides more advantageous terms and covenants for TransForce.
The refinancing was carried out with a bank syndicate of 14 lenders led by National Bank Financial as Sole Bookrunner and Co-Lead Arranger and RBC Capital Markets and Bank of America Merrill Lynch in their capacity as co-lead arrangers and with National Bank of Canada acting as Administrative Agent.
TransForce intends to use the credit facility for corporate purposes consistent with its established strategy.
TransForce Inc. is a North American leader in the transportation and logistics industry. Operating across Canada and the United States, TransForce creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned, operating subsidiaries. Under the TransForce umbrella, companies benefit from corporate financial and operational resources to build their businesses and increase their efficiency. TransForce companies service the following segments:
- Package and Courier;
- Truckload, which includes specialized truckload and dedicated services;
- Specialized Services, which includes services to the energy sector, waste management, logistics and ancillary transportation services.
TransForce Inc. (TFI) is publicly traded on the Toronto Stock Exchange (TSX). For more information, visit http://www.transforcecompany.com.
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.
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