Celadon Group amended its credit facility to extend the maturity date and provide additional liquidity
The purpose of the amendment is to provide the company with additional liquidity and support ongoing operations in a “business as usual” mode.
According to a related 8-K filing, Bank of America served as administrative agent for the transaction. Wells Fargo and Citizens Bank were lenders.
The amendment contains the following key terms:
- Maturity date extended to July 31, 2019.
- Maximum outstanding amount of $122.9 million, subject to an increase of up to $124.9 million upon the written consent of the required lenders and maximum borrowing of $94 million, subject to an increase of up to $96 million upon the written consent of the required lenders.
- Continued mandatory weekly cash budget through July 31. The budget and borrowing limit are designed to permit the Company to operate in the ordinary course of business.
Celadon Group, through its subsidiaries, provides long haul, regional, local, dedicated, intermodal, temperature-protect, and expedited freight service across the U.S, Canada, and Mexico.