Business
TransForce Finalizes New Credit Facility
TransForce Finalizes New Credit Facility
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\n\n Jul. 22, 2010 (Canada NewsWire Group) -- \n \n \n\n\n\n\n\n\n\n\n\n\n\nMONTREAL, July 22 /CNW Telbec/ - TransForce Inc. (TSX: TFI-T), the leader in the Canadian transportation and logistics industry, today announced that it has completed the arrangement of its new $650-million credit facility with a syndicate of 15 lenders led by National Bank of Canada as Administrative Agent, Sole Bookrunner and Co-Lead Arranger and Royal Bank of Canada as Syndication Agent and Co-Lead Arranger.\nAs announced on July 13, 2010, the credit facility comprises a C$200-million five-year term loan and a revolving line of credit for up to C$450 million with an initial term of three years that can be extended by two one-year terms, subject to certain conditions. The interest rates will be variable, with the term loan at 300 basis points and the revolving line of credit at 275 basis points above the rate for bankers' acceptances. These spreads can only be lowered under certain conditions, depending on the financial condition of the Company.\nThe credit facility is contingent on TransForce complying with certain covenants including those based on its total debt to EBITDA ratio, senior debt to EBITDA ratio, and fixed charge coverage ratio.\nTransForce intends to use the credit facility for corporate purposes consistent with its established strategy.\n\nProfile\n\nTransForce Inc. (www.transforce.ca) is the leader in Canada's transportation and logistics industry. Headquartered in Montreal, Quebec, TransForce creates value for shareholders through managing and investing in a growing network of wholly-owned, operating subsidiaries. TransForce provides a comprehensive and unique combination of capabilities, resources and geographical coverage in both domestic and trans-border markets. Its companies currently operate in four well-defined business segments:\n\n\n >\n\n\nTransForce Inc. shares are listed on the Toronto Stock Exchange under the symbol TFI.\n\nForward-Looking Statements\n\nExcept for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TransForce. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other cons...