Less-than-truckload carrier and supply chain services provider Vitran has signed and closed a $17 million real estate term credit facility, secured by nine of the company’s U.S. LTL facilities.
Vitran also received a commitment for up to a $33 million term facility subject to due diligence, including environmental assessments and appraisals, and anticipates receiving the balance of the proceeds in the first quarter of 2013. Vitran obtained a 15-year term credit facility, with a 15-year amortization, including a fixed interest rate of 4.875 percent, with an interest-rate adjustment period of five years. Cohen Financial acted as agent and adviser for the transaction.
“Proceeds from the real estate term facility will be used to repay existing debt which will allow for additional borrowing capacity under our existing revolving credit facility,” Vitran President and CEO Rick Gaetz said in a written statement.