USA Truck Completes $225 Million Amended and Restated Senior Secured Revolving Credit Facility
VAN BUREN, Ark.--(BUSINESS WIRE)--Feb 1, 2019--USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider, has completed an amended and restated $225 million revolving credit facility with a group of banks and Bank of America, N.A. as agent. The facility also includes an uncommitted $75 million accordion feature. This facility will be used to finance the Company’s existing debt, finance ongoing working capital needs, capital expenditures, and for general corporate purposes.
Jason Bates, Executive Vice President and Chief Financial Officer, commented, “We appreciate the ongoing partnership of our banking syndicate members, as evidenced by their support in upsizing and extending our credit facility. This amended and restated facility reduces our future borrowing costs, provides us approximately $55.0 million of additional borrowing capacity at closing, and facilitates continuing improvement and growth opportunities in our business.”
Other participants in the financing included BMO Harris Bank N.A. and SunTrust Robinson Humphrey, Inc. as Joint Lead Arrangers and Joint Bookrunners and PNC Bank.
About USA Truck
USA Truck provides comprehensive capacity solutions to a broad and diverse customer base throughout North America. Our Trucking and USAT Logistics divisions blend an extensive portfolio of asset and asset-light services, offering a balanced approach to supply chain management including customized truckload, dedicated contract carriage, intermodal and third-party logistics freight management services. For more information, visit usa-truck.com or usatlogistics.com.
This press release and related information will be available to interested parties at our investor relations website, http://investor.usa-truck.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190201005083/en/
CONTACT: Jason Bates, EVP & CFO
email@example.comChad Lane, Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA ARKANSAS
INDUSTRY KEYWORD: TRANSPORT TRUCKING OTHER TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT AUTOMOTIVE OTHER AUTOMOTIVE
SOURCE: USA Truck, Inc.
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PUB: 02/01/2019 08:30 AM/DISC: 02/01/2019 08:30 AM