Pacer International to bring new credit facility via Deutsche Bank

By Sara Rosenberg

New York, May 8 - Pacer International Inc. is scheduled to launch a new credit facility later this month via Deutsche Bank, a source close to the deal told Prospect News on Thursday.

The credit facility will be used to refinance the company's existing credit facility and $150 million of notes, the source said.

Pacer recently announced its intention to refinance its debt when it reported first quarter 2003 results, stating: "As part of the refinancing plan, Pacer will redeem or repurchase all of its existing 11¾% senior subordinated notes and refinance its existing credit facility. Assuming consummation of the refinancing and redemption of the notes given the current market environment, Pacer expects 2004 diluted earnings per share to be approximately $0.10 per share greater than if the planned transactions had not occurred."

Further details on the Concord, Calif. logistics provider's credit facility, such as size, tranches and maturities will not be available until next week, the source added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.