(Source: Business Wire)
Pacer International, Inc. (Nasdaq: PACR), the North American freight transportation and logistics services provider, announced that it has successfully entered into a First Amendment and Waiver of its 2007 Credit Agreement with its syndicate of financial institutions led by Bank of America, N.A.
The amendments to the credit facility include, among other things, a waiver of compliance with the leverage ratio covenant with respect to the quarter ending June 30, 2009 for a period ending August 31, 2009. Additional details about the amendment are set forth in the Company's Form 8-K filed with the SEC on July 1, 2009 and can be accessed in the investor section of the www.pacer.com website.
"We are pleased that our syndicate of lenders supported us with this amendment and waiver," said Brian Kane, Chief Financial Officer of Pacer. "We are in discussions with the lead arranger to amend or replace the existing credit facility with an acceptable longer term financing package before the August 31 expiration of the waiver of compliance with the leverage ratio covenant. We are also moving forward with our plan to implement organizational streamlining and expense reduction initiatives to scale our cost structure to current market and competitive conditions."
ABOUT PACER INTERNATIONAL (www.pacer.com)
Pacer International is a leading asset-light North American freight transportation and third-party logistics provider, and through its intermodal and logistics operating segments, offers a broad array of services to facilitate the movement of freight from origin to destination. The intermodal segment offers wholesale services provided by Pacer Stacktrain (cost-efficient, two-tiered rail transportation for containerized shipments) and Pacer Cartage (local trucking), as well as retail services through its Rail Brokerage unit (intermodal marketing). The logistics segment provides retail truck brokerage, trucking, warehousing and distribution, international freight forwarding, and supply-chain management services. Pacer International is headquartered in Concord, California. Its intermodal and logistics operating segments are headquartered in Concord, California, and in Dublin, Ohio, respectively.
CERTAIN FORWARD-LOOKING STATEMENTS
This press release contains or may contain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward-looking statements are based on the company's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions.
