Universal Truckload has entered into an agreement with PNC Bank to receive a revolving credit facility of up to $120 million which may be increased by up to $30 million upon request.

Borrowings under the revolving credit facility may be made until December 23, 2020 and bear interest at LIBOR or a base rate, plus an applicable margin for each.

The agreement also provides for up to $3 million in letters of credit. PNC was granted a first priority perfected security interest in cash, deposits and accounts receivable of the borrowing subsidiaries and selected other assets.

Warren, MI-based Universal Truckload Services is a logistics/transportation company.