A&R Logistics Inc., announced that it has successfully renewed its $140 million Senior Secured Facility with significantly improved terms for the Company.
The renewed bank facility improves pricing on both the Revolving Credit and Term Loan portions of the Facility and removes certain financial covenants to provide greater flexibility for the Company. The renewal also reduces the frequency of field exams and appraisals.
"This renewal provides the capacity and flexibility we need to continue investing in and growing our company," said Richard Mitchell, President. "The renewal of our credit facility is a recognition of our strengthened financial performance and position since we acquired the company in December 2012. The improved terms provide greater latitude to deliver on our strategic priorities."
The renewal extends the maturity date from December 18, 2017 to September 29, 2022. Wells Fargo Capital Finance, LLC, served as the administrative agent.