ArcBest ups revolving commitments to $250 million from $200 million

By Sarah Lizee

Olympia, Wash., Oct. 1 – ArcBest Corp. entered into a third amended and restated credit agreement on Sept. 27 with U.S. Bank NA as administrative agent, increasing commitments under its revolver to $250 million from $200 million, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has a five-year term and an initial maximum credit amount of $250 million at any time outstanding, including a swingline facility providing for up to $25 million, and a letter-of-credit sub-facility for up to $20 million.

The facility also provides the company with the right to request additional revolving commitments or incremental term loans up to an aggregate additional amount of $125 million.

Borrowings bear interest at Libor plus 112.5 basis points to 225 bps, based on leverage.

U.S. Bank is the lead arranger and bookrunner, and Branch Banking and Trust Co. and PNC Bank, NA are syndication agents.

The facility will be used, among other things, for general corporate purposes and to fund working capital.

ArcBest is a Fort Smith, Ark.-based provider of freight transportation and logistics services.

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