Hub Group draws $100 million under $350 million revolving facility

By Sarah Lizee

Olympia, Wash., March 31 – Hub Group, Inc. drew $100 million under its $350 million revolving credit facility due July 1, 2022 with Bank of Montreal as administrative agent on March 24, according to an 8-K filing with the Securities and Exchange Commission.

Following the draw, the company had remaining borrowing capacity of $218.5 million under the credit agreement.

The proceeds are expected to be held on the company’s balance sheet and may be used for general corporate purposes.

The revolver includes a sublimit of $50 million for letters of credit and a sublimit of $15 million for swingline loans. Availability is reduced by outstanding letters of credit, of which about $31.5 million were outstanding as of Dec. 31.

Hub Group is a transportation management company based in Oak Brook, Ill.

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