UTi closes commitments for $150 million five-year asset-based revolver

By Susanna Moon

Chicago, March 27 - UTi Worldwide Inc. said it obtained commitments for a $150 million five-year senior secured asset-based revolving credit facility.

The company received commitments from Citigroup Global Markets Inc., Morgan Stanley Senior Funding, Inc. and Bank of the West.

Borrowings under the facility are subject to a borrowing base calculated by reference to accounts receivable in the United States and Canada, according to a company press release.

In connection with the loan closing, the company repaid all amounts outstanding under three separate credit facilities with Commerzbank, Bank of the West and Nedbank, Ltd.

The facility, which is part of a $725 million refinancing, boosts the company's financial flexibility, according to Eric W. Kirchner, the company's chief executive officer.

The facility "provides the company with a strong balance sheet. It also allows us to focus on completing our transformation and growing our business," he said.

UTi is an international, non-asset-based supply chain services and solutions company based in Long Beach, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.