Central Transport | will raises or retirement match come back in 2012?
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had enough
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:nono_h4h: doubt it
Press Release
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Vitran Completes Refinancing of Senior Credit Facilities
TORONTO, Dec 1, 2011 (GlobeNewswire via COMTEX) -- Vitran Corporation Inc. (Nasdaq:VTNC) (TSX:VTN), a North American transportation and supply chain firm, today announced that it has signed and closed the two previously-announced credit agreements, replacing the current credit agreement which was due to expire in 2012. Vitran signed a new, three-year bank agreement with a four-bank syndicate led by JPMorgan Chase Bank, for an asset-based revolving credit facility to provide up to $85 million. Vitran also signed a new $45.7 million seven-year real estate term credit facility secured by Vitran's four Canadian LTL transportation facilities.
Under the agreements, Vitran:
-- Increased liquidity and improved the terms and conditions with a new
debt structure that provides Vitran additional flexibility to invest in
its business
-- Reduced interest rate spreads under the new revolving credit facility
for LIBOR and Canadian BA-rated loans by a minimum of 125 basis points
-- Extracted substantial value from its Canadian real estate in the form of
a seven-year term facility at a fixed rate of 475 basis points
-- Created additional borrowing capacity under the new revolving credit
facility as Vitran's business continues to grow.
Vitran President and Chief Executive Officer Rick Gaetz stated, "We look forward to our continued partnership with JPMorgan and our new real estate lender. We are extremely pleased to have positioned Vitran with the flexibility to continue to execute our operating plan. In addition we reduced our blended all-in interest rate to approximately 3.75% at current interest rates."
New SCO Distribution Facility
Vitran also announced today its Supply Chain Operation will be opening a new Dedicated Distribution Center in Tacoma, Washington effective April, 2012. "We are excited with our continued expansion on the West coast of the United States. Our management team continues its positive momentum from 2011 as we build the Vitran Supply Chain brand," concluded Mr. Gaetz.
Printer Friendly Version View printer-friendly version
<< Back
Vitran Completes Refinancing of Senior Credit Facilities
TORONTO, Dec 1, 2011 (GlobeNewswire via COMTEX) -- Vitran Corporation Inc. (Nasdaq:VTNC) (TSX:VTN), a North American transportation and supply chain firm, today announced that it has signed and closed the two previously-announced credit agreements, replacing the current credit agreement which was due to expire in 2012. Vitran signed a new, three-year bank agreement with a four-bank syndicate led by JPMorgan Chase Bank, for an asset-based revolving credit facility to provide up to $85 million. Vitran also signed a new $45.7 million seven-year real estate term credit facility secured by Vitran's four Canadian LTL transportation facilities.
Under the agreements, Vitran:
-- Increased liquidity and improved the terms and conditions with a new
debt structure that provides Vitran additional flexibility to invest in
its business
-- Reduced interest rate spreads under the new revolving credit facility
for LIBOR and Canadian BA-rated loans by a minimum of 125 basis points
-- Extracted substantial value from its Canadian real estate in the form of
a seven-year term facility at a fixed rate of 475 basis points
-- Created additional borrowing capacity under the new revolving credit
facility as Vitran's business continues to grow.
Vitran President and Chief Executive Officer Rick Gaetz stated, "We look forward to our continued partnership with JPMorgan and our new real estate lender. We are extremely pleased to have positioned Vitran with the flexibility to continue to execute our operating plan. In addition we reduced our blended all-in interest rate to approximately 3.75% at current interest rates."
New SCO Distribution Facility
Vitran also announced today its Supply Chain Operation will be opening a new Dedicated Distribution Center in Tacoma, Washington effective April, 2012. "We are excited with our continued expansion on the West coast of the United States. Our management team continues its positive momentum from 2011 as we build the Vitran Supply Chain brand," concluded Mr. Gaetz.
It's an amazing amount of money to borrow, although I understand some of it is to pay off/refinance the old debt.
I am sure we will see much better maintenance on our trucks and trailers now. The dock guys will get the drum clamps and other equipment they need, and over all the company will accelerate into the 21st century.:LMAO:
Seriously, the top people can now renew their country club memberships and upgrade the corporate cars to Beemers.....we'll still struggle along with broken trucks,forklifts,etc.
I am guessing they needed to cover costs,etc, and plan some expansion with the fresh $$$
I am sure we will see much better maintenance on our trucks and trailers now. The dock guys will get the drum clamps and other equipment they need, and over all the company will accelerate into the 21st century.:LMAO:
Seriously, the top people can now renew their country club memberships and upgrade the corporate cars to Beemers.....we'll still struggle along with broken trucks,forklifts,etc.
I am guessing they needed to cover costs,etc, and plan some expansion with the fresh $$$
They may have borrowed money but don't hold your breath too long for new equipment,for docks ,or tractors or dollies or trailers.Cmon it seems like its the old pjax just with a new fancy name.Duct tape,gorilla glue and bungy cords.The trucks were supposed to get turned up ,no one we know in the east has had it happen yet.Our terminal sends guys home for lack of equipment.At least 14 or more out of service trailers in our yard.If we switch tractors you get your bible out in hopes you make it home.Its business as usual as it has been for years.They complain because linehaul guys are late yet you putz along at 61mph.Send this to pittsburg ,indy and toronto,next time you take a trip drive at 61mph in your car and when you go to pass someone slower stay at 61.Keep hoping you dont share trucks with a jerk or it will be in the shop before long,collecting dust.Cold weather is upon us take air line anti freeze with you especially pulling these antiquted dollies with puppies.I guess i have bitched enough,for today.happy motoring,be safe.
had enough
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quit picking on pjax management. do you know how much it costs for their suite to watch the steelers or the suite to watch the penguins, which they have both. or the exclusive country club where a handful of top execs have memberships. these necessities keep esclating in costs and somebody has to pay for them. why don't you pick on the vitran side, they have two headquarters. tell them to shut one down.