Westport Axle entered into a $60 million revolving credit and term loan agreement with Comerica Bank as administrative agent, arranger and documentation agent. The agreement consists of a $40 million term loan and a $20 million revolving credit facility.

Borrowings under the term loan were advanced on December 23, 2015 and mature on December 23, 2020. The term loan will be repaid in 20 equal quarterly installments over five years, with any remaining balance due at maturity.

Borrowings under the loan bear interest at LIBOR or a base rate, plus an applicable margin for each.

Lexington, KY-based Westport Axle is a subsidiary of Universal Truckload Services.