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Usa Truck Expands Credit Line | Times Record

The new credit facility provides the company with an immediate interest rate reduction of 75 basis points compared to its prior credit facility. John Simone, president more information and CEO of USA Truck, said the new credit facility is a direct reflection of the blog significant progress USA Truck has made in improving our business and operational effectiveness. We value the collaborative relationship we have developed with Bank of America as agent on this transaction and look forward to continuing to grow together, Michael Borrows, executive vice president and chief financial officer, stated in the release. In addition to lowering our cost of capital, the new facility provides significant liquidity and flexibility to facilitate our future capital allocation priorities. The transaction will result in a one-time, non-cash write off in the first quarter of 2015 related to unamortized debt issuance costs associated with the companys previous credit facility, the release added. The non-cash write off is approximately $800,000. Other participants in the financing included SunTrust Bank, PNC Bank and BMO Harris Bank. USA Truck will give its fourth quarter 2014 report on Friday. In November, USA Trucks third quarter report stated company debt had increased to $125 million through updating of trucks.
More: http://swtimes.com/business/usa-truck-expands-credit-line

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