BofA Agents Celadon Group Facility Increase
Celadon Group announced that it increased its credit facility to $200 million and reset 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 and Wells Fargo Bank will now serve as the syndication agent.
The amended facility matures on May 13, 2018 and currently bears interest at the option of the company at LIBOR plus 75 basis points or the prime rate plus zero basis points.
Paul Will, president and chief executive officer stated, “We believe the increased line continues to demonstrate our financial strength and the solid support of our banking relationship with Bank of America and Wells Fargo 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, primarily provides long-haul, full-truckload freight service across the United States, Canada and Mexico.