Swift Transportation extends credit line

Swift Transportation extends credit line

Intermodal services provider Swift Transportation Co. announced the closing of a $550 million revolving credit agreement with a group of 17 banks.

The five-year agreement extends and expands the Phoenix-based truckload carrier's existing $300 million revolving line of credit, which was scheduled to mature in November 2005.

In a statement, Jerry Moyes, chairman and chief executive, said, "Our primary financial goal is to reduce our operating ratio. While this continues to be our focus, we are pleased with this five-year facility which provides an additional $250 million of capital for equipment purchases, selective acquisitions, stock repurchases and general working capital."

Swift earlier said it is cooperating with a review by the Securities and Exchange Commission into the timing of stock trades by Moyes.