BofA Agents Celadon Facility Increase
Celadon Group announced it increased its facility to $300 million and re-set the term on its five-year, revolving credit facility agented by Bank of America. The facility will continue to be used to provide for ongoing working capital needs and general corporate purposes. Bank of America served as the sole lead arranger in the facility, with Wells Fargo Bank and Citizens Bank as additional lenders.
The amended facility matures on December 12, 2019 and currently bears interest at the option of the company at LIBOR plus 82.5 basis points or the prime rate plus zero basis points.
Paul Will, president and CEO stated, “We believe the increased line continues to demonstrate our financial strength and the solid support of our banking relationship with Bank of America, Wells Fargo Bank and Citizens Bank. We believe the facility allows for growing the business organically and through acquisitions, as well as the capacity to execute our long term financial goals and drive future earnings growth over time.”
Celadon Group, through its subsidiaries, provides long-haul, regional, local, dedicated, intermodal, temperature-protect and expedited freight service across the U.S., Canada and Mexico. The company also owns Celadon Logistics Services, which provides freight brokerage services, freight management, as well as supply chain management solutions, including warehousing and distribution.