Celadon Group Inc. on Wednesday, Dec. 8, announced that it has closed a $50 million five-year revolving credit facility agented by Bank of America. The facility will be used to refinance the Indianapolis-based company’s existing credit facility and provide for ongoing working capital needs and general corporate purposes.
Bank of America served as the lead arranger in the facility, and Wells Fargo Bank also participated in the new facility, which matures on Dec. 7, 2015, and currently bears interest at the option of Celadon Group at LIBOR plus 75 basis points or the prime rate plus zero basis points.
“We believe the facility allows for additional growth at reduced costs,” says Paul Will, president and chief operating officer. “The facility should provide the company with increased liquidity and flexibility to continue to execute on our business plan.”