Celadon Group secured a $50 million, five-year revolving credit facility from Bank of America, giving the truckload carrier increased liquidity and financing flexibility.
The deal refinances the Indianapolis-based company's existing credit agreement and provides funds for working capital, Celadon said Thursday.
"We believe the facility allows for additional growth at reduced costs," said Paul Will, president and chief operating officer at Celadon.
Tight truckload capacity, higher rates and new customers helped Celadon Group boost net income 69 percent from the second quarter to the third quarter, despite only a slight increase in sales.
The company reported a $4.4 million profit on $140.3 million in revenue for the third quarter.
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