Worldwide Express to launch $545 million credit facility on Jan. 17

By Sara Rosenberg

New York, Jan. 9 – Worldwide Express is scheduled to hold a bank meeting in New York on Jan. 17 to launch a $545 million credit facility, according to a market source.

The facility consists of a $60 million revolver, a $360 million first-lien term loan and a $125 million second-lien term loan, the source said.

Included in the credit facility is a total net leverage maintenance covenant.

Antares Capital, Deutsche Bank Securities Inc. and Citizens Bank are the joint lead arrangers on the deal, with Antares left lead on the first-lien debt and Deutsche left lead on the second-lien loan.

Proceeds will be used to help fund the buyout of the company by Ridgemont Equity Partners from Quad-C Management.

As part of the transaction, Worldwide Express will be combined with Unishippers Global Logistics, an existing portfolio company of Ridgemont.

Dallas-based Worldwide Express and Salt Lake City-based Unishippers are non-asset-based third-party logistics providers.

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