Frozen Food Express Industries amended its $50 million secured asset-based credit agreement with Bank of America.
The amendment allows additional availability of funds against the Company’s $50 million credit facility by lowering the availability threshold to $7 million from its previous level of $10 million. The threshold level returns to $10 million effective on January 1, 2014. The maturity date of the credit agreement remains unchanged at March 29, 2015.
“The agreement gives us additional financial flexibility,” said Russell Stubbs, the company’s president and CEO. “We are making positive progress in our plan to restore the Company to consistent profitability and are confident that our financial results for the next five quarters will continue to show year-over-year improvement.”
Frozen Food Express is a temperature-controlled truckload and less-than-truckload carrier with core operations in the transport of temperature-controlled products and perishable goods including food, health care and confectionery products.