Pacer in deal with banks
Logistics company Pacer International Inc. said last week that a group of lenders led by Bank of America agreed to amend a credit agreement so that compliance with a leverage ratio covenant for the quarter ending June 30 is waived until Aug. 31.
“We are pleased that our syndicate of lenders supported us with this amendment and waiver,' said Brian Kane, chief financial officer of Pacer. 'We are in discussions with the lead arranger to amend or replace the existing credit facility with an acceptable longer term financing package before the Aug. 31 expiration of the waiver of compliance with the leverage ratio covenant. We are also moving forward with our plan to implement organizational streamlining and expense reduction initiatives to scale our cost structure to current market and competitive conditions.'
Pacer in deal with banks
