Western Express, Inc. Completes $285 Million Financing Transaction and Extension of Revolving Credit Facility
NASHVILLE, Tenn., April 20 /PRNewswire/ -- Western Express, Inc., a leading truckload carrier of diversified freight, announced today that it has successfully completed a $285 million offering of Senior Secured Notes due 2015 as well as extended its revolving credit facility for three years. Western Express intends to use the net proceeds from the sale of the notes to repay substantially all of its outstanding indebtedness and for general corporate purposes, including to finance capital expenditures in connection with the Company's planned tractor fleet upgrade.
Wayne Wise, Western Express' Chief Executive Officer and President, commented, "This financing transaction strengthens Western's financial position and liquidity. Giving effect to the offering, we will have over $55 million of cash, $28 million available on our line of credit, and no principal due on the notes until 2015. We expect this new capital structure to afford us greater flexibility to invest in our fleet and grow with our customers. We strive to provide our customers with the highest level of service and our employees with the finest equipment. The capital provided by this offering will allow us to replace the older trucks in our fleet with the newest equipment on the road. We are gratified by the confidence that the capital markets have shown in Western Express, and we look forward to the continued growth in our business and our continued partnership with our many customers and associates across the United States."
J.P. Morgan Securities Inc. was the book-running manager and Credit Suisse Securities (USA) LLC was the lead manager on the offering. Avondale Partners LLC acted as a financial advisor to Western Express in connection with the transaction. Scudder Law Firm, P.C., L.L.O. served as counsel to Western Express, Inc.
About Western Express, Inc.
Headquartered in Nashville, Tennessee, Western Express, Inc. provides dry van, flatbed, dedicated, and brokerage truckload transportation services to a diverse customer base that includes leading Fortune 500 companies. The Company focuses on short-to-medium lengths of haul east of the Mississippi River, with selected service to the western United States. Western Express is the 13th largest non-specialized commodity truckload carrier in the United States, based on 2008 revenue data published by Transport Topics, a publication of the ATA.
SOURCE Western Express, Inc.
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