ArcBest draws $225 million under two revolving facilities

By Sarah Lizee

Olympia, Wash., March 30 – ArcBest Corp. drew down the $180 million remaining available borrowing capacity under its $250 million senior secured revolving credit facility on March 26, according to an 8-K filing with the Securities and Exchange Commission.

The company also borrowed $45 million under the $125 million revolving accounts receivable securitization facility.

The company said these borrowings are a proactive measure to increase its cash position and preserve financial flexibility in light of general economic and financial market uncertainty resulting from the Covid-19 outbreak.

The funds supplemented the company’s cash and short-term investments position which, with the addition of the new funds, is expected to be about $530 million to $540 million at March 31.

ArcBest is a Fort Smith, Ark.-based provider of freight transportation and logistics services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.