Allied Holdings amends credit facility, adding $20 million term loan

New York, Nov. 23 - Allied Holdings, Inc. said it amended its credit facility to add an additional $20 million term loan.

Proceeds from the new loan were used to pay down borrowings on the revolving credit facility.

In addition to the extra liquidity, the amendment also increases the maximum amount of letters of credit to $50 million from $40 million.

The Decatur, Ga., provider of transportation services to the automotive industry said that is amended facility is made up of a $90 million revolver, a $100 million term loan A and a $20 million term loan B. At closing, outstanding borrowings on the revolver were $6.2 million. The term A has a balance of $78.3 million.

Interest on the revolver remains at Prime plus 150 basis points with a minimum of 6.5%. For the term A, interest is between 8.5% and 11.5% depending on leverage and is currently at 10%.

The term loan B is at prime plus 850 basis points with a floor of 13.25%. Current borrowings are at 13.5%.

The maturity remains September 2007.

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