Pacer International has announced that it has completed an amendment to its credit agreement to permit the ongoing payment of ordinary cash dividends.
The company announced on Sept. 7 the declaration of its first-ever quarterly dividend and adoption of a dividend policy that anticipates an annual dividend of $0.60 per share of common stock, subject to completion of the amendment to the credit agreement and ongoing Board approval of any dividend declaration.
“We are pleased that our lenders share our confidence in the company and have approved this amendment,” said Don Orris, Pacer’s chairman and chief executive officer. “Consistent cash flow generation has enabled us to reduce outstanding debt and now be in a position to return a portion of our profits to our shareholders through dividends.”
