USA Truck gets $170 million senior secured revolving credit facility

By Jennifer Chiou

New York, Feb. 5 – USA Truck, Inc. announced that it has completed a $170 million senior secured revolving credit facility with Bank of America Merrill Lynch as agent, according to a news release.

The new credit facility provides the company with an immediate interest rate reduction of 75 basis points compared to its prior credit facility, the release noted. USA Truck will also substantially increase its access to capital thanks to nearly $100 million of liquidity at closing.

Other participants in the financing included SunTrust Bank, PNC Bank and BMO Harris Bank.

There is an $80 million accordion feature.

Proceeds will be used to refinance the company’s existing debt, finance ongoing working capital needs and to fund general corporate purposes.

The company is a truckload carrier based in Van Buren, Ark.

© 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.