TCA Global Provides $5MM PTA Holdings Revolver
PTA Holdings announced that closed a senior secured revolving credit facility of up to $5 million with TCA Global Credit Master Fund. The credit facility with TCA will provide operating capital and funds for acquisitions.
Leonard Lewensohn, CEO stated, “We are pleased to report that the company has recently completed a funding agreement with TCA Global Master Fund, LP. An initial draw of $750,000, less transaction expenses and necessary debt reduction payments, will be used in existing operations as we execute our growth plan. The Company intends to use the remaining facility primarily to fund revenue and profit through accretive acquisitions. Additional draws under the facility are available on an as-needed basis, based on a mutually approved formula of eligible receivables and assets, subject to continuing compliance with the terms of the revolving credit facility. The first draw of funds was use for the acquisition of Crane Creek Trucking, as announced on August 21, 2014.”
PTA Holdings is a multi-faceted transportation group providing a broad array of traditional transportation and management services.