Pacer cuts interest, extends maturity of facility via Bank of America

By Susanna Moon

Chicago, July 6 - Pacer International, Inc. reduced interest on its credit facility by 100 basis points to Libor plus 175 bps and extended the maturity to July 6, 2017.

The spread will be Libor plus 175 bps to 225 bps, based on average quarterly availability.

The unused fee was cut to 25 bps, with a margin of 25 bps to 37.5 bps, based on average total debt outstanding as a percentage of the commitments. The unused fee was lowered from a range of 37.5 bps to 62.5 bps.

The company amended its credit agreement on Friday with Bank of America as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility was originally set to mature on Dec. 20, 2015.

The letter-of-credit fees were lowered to 175 bps from 275 bps. The fees will range from 175 bps to 225 bps.

As of June 30, the company had no debt outstanding under the facility and outstanding letters of credit of $11.6 million.

Pacer is a Dublin, Ohio-based freight transportation and global logistics services provider.

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