New Century Transportation arranges long-term credit facilities

By Toni Weeks

San Diego, Aug. 3 - New Century Transportation, Inc. entered into long-term credit facilities maturing in 2017 with Capital One Leverage Finance Corp. and Prospect Capital Corp., according to a press release.

The company also raised equity capital from its majority shareholder, Jefferies Capital Partners.

Proceeds will be used to refinance existing senior debt and for general corporate purposes.

"We are pleased to have Capital One and Prospect Capital as our new financial partners," New Century chief financial officer Brian J. Fitzpatrick said in the release. "The agreement will enable the company to expand the fleet upgrade program we began last year as well as to continue the enhancement of our enterprise-wide technology investments."

Westampton, N.J.-based New Century Transportation is a provider of over-the-road transportation solutions.

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