Motor carrier New Century Transportation said it closed on $104 million of long-term credit facilities with Capital One Leverage Finance and Prospect Capital maturing in 2017.
Concurrent with the closing of the new credit facilities, New Century said it raised additional equity capital from its majority shareholder, Jefferies Capital Partners. Proceeds from the transactions will be used to refinance existing senior debt and for general corporate purposes.
“The refinancing provides the company with the financial flexibility necessary to execute on our long-term growth plans,” stated New Century’s CEO Terrence Gilbert. “We continue to focus on our ability to provide first class LTL and truckload services to our customers.”
“We are pleased to have Capital One and Prospect Capital as our new financial partners,” stated New Century’s CFO, Brian J. Fitzpatrick. “The agreement will enable the company to expand the fleet upgrade program we began last year as well as to continue the enhancement of our enterprise wide technology investments.”
New Century Transportation is a specialized motor carrier that combines the high revenue yield characteristics of a less-than-truckload carrier with the operating flexibility and low fixed costs of a service-sensitive truckload carrier.
New Century is a portfolio company of Jefferies Capital Partners, a private equity investment firm with over $850 million in equity funds under management.