Radiant Logistics secured a new $75 million senior secured revolving cross-border credit facility with Bank of America and Bank of Montreal as lenders.

The senior facility replaces the company’s $65 million credit facility and provides it with lower interest costs, less restrictive financial and operational covenants and includes a $50 million accordion feature to support future acquisition opportunities.

Advances under the facility are available to fund future acquisitions, capital expenditures or for other corporate purposes, including, if warranted at the time, the repurchase of the company’s common stock and/or $21 million redeemable perpetual preferred stock which is callable by the company starting in December of 2018.

Under the terms of the new facility, borrowings accrue interest at the company’s option, at the lenders’ base rate plus 0.25% or LIBOR + 1.25%, and can be subsequently adjusted based on the company’s excess availability under the facility at the lenders’ base rate plus 0.25% to 0.75% or LIBOR + 1.25% to 1.75%.

The new facility carries a five-year term and is collateralized by accounts receivable and other assets of the company and its subsidiaries, and provides for advance rates of up to 85% of eligible domestic accounts receivable and, subject to certain sub-limits, provides for advance rates of up to 75% of eligible accrued but unbilled receivables and eligible foreign accounts receivable.

Concurrent with new facility, Radiant also secured a commitment for an additional C$10 million ($7.5 million) senior secured Canadian term loan from Integrated Private Debt Fund V LP that is expected to close in the next 15 days. The proceeds from the IPD V Term Loan will effectively replenish the company’s U.S. senior facility which had been used as a bridge to finance its acquisition of Lomas Logistics earlier this year.

Radiant Logistics is a third-party logistics and multimodal transportation services company.