MONTREAL, May 27 /CNW Telbec/ - TransForce Inc. (TFI-T), a leader in Canada's transportation and logistics industry, announces the closing of the previously announced $100-million loan agreement with Solidarity Fund QFL.
The loan is in the form of an unsecured debenture of TFI Holdings Limited Partnership a wholly-owned subsidiary of TransForce Inc. and is repayable on October 30, 2013. It may be repaid, without penalty, commencing one year after the date of disbursement of the loan, subject to the approval of TransForce's syndicate of bank lenders. The loan bears interest at an annual rate of 9%, payable monthly.
TransForce intends to use the proceeds from the loan to support its program of strategic acquisitions.
Profile
TransForce 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 five well-defined business segments:
- Less-Than-Truckload; - Package and Courier; - Specialized Services, which includes its ancillary transportation services such as logistics, warehousing & dedicated services, fleet management & personnel services; oilfield & oilsand services, and waste management; - Specialized Truckload, and; - Truckload.
TransForce's shares (TFI-T) are listed on the Toronto Stock Exchange.
Forward-Looking Statements
Except 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 considerations, fluctuations in quarterly results, evolution in customer demand for TransForce's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
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