WESTAMPTON, N.J., Aug. 3, 2012 /PRNewswire/ -- New Century Transportation announced today that it closed on long-term credit facilities with Capital One Leverage Finance Corp. and Prospect Capital Corp. maturing in 2017. Concurrent with the closing of the new credit facilities, New Century raised additional equity capital from its majority shareholder, Jefferies Capital Partners. Proceeds from the transactions will be used to refinance existing senior debt and for general corporate purposes.
"The refinancing provides the Company with the financial flexibility necessary to execute on our long-term growth plans," stated New Century's CEO Terrence Gilbert. "We continue to focus on our ability to provide first class LTL and truckload services to our customers."
"We are pleased to have Capital One and Prospect Capital as our new financial partners," stated New Century's CFO, Brian J. Fitzpatrick. "The agreement will enable the Company to expand the fleet upgrade program we began last year as well as to continue the enhancement of our enterprise wide technology investments. "
New Century is a portfolio company of Jefferies Capital Partners. Jefferies Capital Partners is a private equity investment firm with over $850 million in equity funds under management. Jefferies Capital Partners focuses its investment activity in selected industries in which its professionals have established expertise, including: Energy & Energy Services, Supply Chain Logistics & Distribution, and Restaurants.
About New Century Transportation
New Century Transportation, Inc. is a specialized motor carrier that combines the high revenue yield characteristics of a less-than-truckload carrier with the operating flexibility and low fixed costs of a service-sensitive truckload carrier. The company's unique business model is executed through its Load-to-Deliver System for LTL shipments. New Century offers a full range of over-the-road transportation solutions to its customers, including customized, time-definite, dedicated and specialized less-than-truckload and truckload services. The company's specialized services include the transportation of temperature-controlled and hazardous freight. New Century is based in Westampton, NJ.
SOURCE New Century Transportation, Inc.