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"Momentum is building at Pacer. We have streamlined and strengthened our capabilities, improved our service levels and achieved additional synergies across the entire Pacer enterprise," said Michael E. Uremovich, chairman and CEO. "Finalizing this amended credit agreement is another milestone in our forward progress."
In a release on August 28, the company noted the A&R Credit Agreement provides for an asset-based, revolving credit facility of up to $125 million, subject to borrowing base availability, with an accordion feature that offers an increase of up to $50 million in the credit facility subject to certain conditions. The amended agreement does not change the original maturity date of April 5, 2012. Additional details about the amended credit agreement will be set forth in the Company's Form 8-K to be filed with the SEC and will be accessible after filing in the investor section of pacer.com.
"This amended facility, combined with our positive business projections, gives us the liquidity to support our long-term commitment to be the best-in-class provider of door-to-door intermodal service," said Brian C. Kane, executive VP and CFO. "We are pleased that our proactive approach with our lenders has resulted in an amended credit facility that supports our long-time relationships with our customers, vendors and employees, as well as the many new relationships we are building every day."
Pacer International is an asset-light North American freight transportation and third-party logistics provider, and through its intermodal and logistics operating segments, offers an array of services to facilitate the movement of freight from origin to destination.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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