XPO Logistics Receives $415 Mln Commitment For Amended Credit Facility

(RTTNews) - XPO Logistics Inc (XPO) said Tuesday it has obtained bank commitments to amend its revolving loan credit facility to increase the amount of financing capacity to $415 million from $125 million.

The new credit facility is subject to customary conditions and the completion of the company's acquisition of Pacer International Inc.

The company expects to close on the credit facility on or near April 1.

The credit facility will be led by Morgan Stanley Bank, N.A.; JPMorgan Chase Bank; Credit Suisse AG; among others.

XPO said its credit facility will consist of advances against accounts receivable and certain equipment and matures in 2018.

The proceeds of the credit facility may be used for working capital needs and general corporate purposes, including strategic acquisitions, the company said.