Forward Air enters into $150 million unsecured revolving facility

By Jennifer Chiou

New York, Feb. 21 - Forward Air Corp. and some of its subsidiaries entered into on Feb. 14 an up to $150 million senior unsecured revolving credit facility with a five-year term, according to an 8-K filing with the Securities and Exchange Commission.

Bank of America, NA acted as administrative agent.

The facility has a sublimit of $25 million for letters of credit and a sublimit of $15 million for swingline loans.

The filing added that the commitment amount may be increased by up to $100 million.

Borrowings will bear interest at Libor plus 112.5 basis points to 162.5 bps.

Proceeds may be used to refinance existing debt and for working capital, capital expenditures and other general corporate purposes.

The facility replaces the company's existing $100 million unsecured revolving credit facility with Wells Fargo Bank, NA.

The Greeneville, Tenn., company provides surface transportation and related logistics services to the North American air freight.

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