XPO Logistics announced it obtained bank commitments to amend its revolving loan credit facility to increase the amount of financing capacity from $125 million to $415 million. The new ABL facility will be led by Morgan Stanley Bank, JPMorgan Chase Bank, Credit Suisse AG, Citibank, Deutsche Bank and KeyBank.
Proceeds may be used by the company and its subsidiaries for ongoing working capital needs and other general corporate purposes.
The company’s new ABL facility will consist of advances against A/R and certain equipment, and mature in 2018. It will replace the company’s $125 million credit facility. The facility is subject to customary conditions and the completion of the company’s previously announced acquisition of Pacer International. The company expects to close on the ABL facility on or near April 1, 2014.
XPO Logistics is one of the fastest growing providers of transportation logistics services in North America.