Business
TransForce Announces Amended Financing Agreement
TransForce Announces Amended Financing Agreement.
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\n\nMONTREAL, Oct. 12 /CNW Telbec/ - TransForce Income Fund (TSX: TIF.UN),\nthe leader in the Canadian transportation and logistics industry, today\nannounced amendments to its existing financing agreement that enhance the size\nand flexibility of the TransForce's borrowing capacity.\n\n\nThe enhanced agreement with a group of financial institutions led by\nNational Bank Financial will result in the Fund's four-year revolving facility\nbeing increased to $515 million from $350 million. The Fund's seven-year term\nfacility will remain unchanged at $160 million. The amendment also provides\nfor an additional $125 million in financing subject to certain conditions\nbeing met. The amended agreement will give the Fund a potential total\nauthorized borrowing capacity of $800 million, compared with $600 million\nunder the former agreement.\n\n\nThe facilities provide more flexible conditions and will allow TransForce\nto repay outstanding indebtedness, to continue to pursue acquisitions, and to\nfinance general corporate purposes. The security for the facilities continues\nto be limited to the Fund's accounts receivable and rolling stock.\n\n\n"We are very pleased with the additional borrowing capacity and the\nincreased flexibility of the terms and conditions of the amended financing,"\nsaid Alain Bedard, Chairman, President and Chief Executive Officer of\nTransforce Income Fund. "The agreement demonstrates confidence in the Fund's\nlong-term operations and financial condition and will allow us to continue to\ngrow and add value for our unitholders."\n\n\nProfile\n\n\nTransForce Income Fund (www.transforce.ca) is the leader in Canada's\ntransportation and logistics industry. Headquartered in Montreal, Quebec, the\nFund's objective is to create value for unitholders through managing and\ninvesting in a growing network of independent operating subsidiaries.\nTransForce provides a comprehensive and unique combination of capabilities,\nresources and geographical coverage in both domestic and trans-border markets.\nIts companies operate in four well-defined business segments:\n\n\n- Less Than Truckload and Parcel Delivery;\n- Specialized Services, which includes its ancillary transportation\n services and fleet management & personnel services businesses;\n- Specialized Truckload; and\n- Truckload.\n\n\nTransForc...