Pacer in talks with lenders to amend or replace existing facility by Aug. 31

By Sara Rosenberg

New York, Aug. 6 - Pacer International Inc. is in discussions with its bank group to further amend or replace its existing credit facility with a longer-term financing package before the Aug. 31 expiration of a leverage ratio covenant waiver, according to a 10-Q filed with the Securities and Exchange Commission on Thursday.

Based on the current status of discussions, the company anticipates that it will reach an acceptable resolution with lenders.

If the company is unable to amend or replace the existing facility before Aug. 31, or is unable to obtain an extension of the waiver, any remaining availability under the facility will cease.

Pacer is a Concord, Calif.-based non-asset based third-party logistics provider.

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