UTi Worldwide amends cash draw facility, letter of credit commitment

By Tali David

Minneapolis, Dec. 27 - UTi Worldwide Inc. entered into a fourth amendment agreement to its amended and restated letter of credit and cash draw agreement with Nedbank Ltd., according to an 8-K filed with the Securities and Exchange Commission.

The Dec. 23 amendment (a) increases the cash draw facility to $85 million until March 15, then it will be reduced to the current amount of $55 million; (b) decreases the letter of credit commitment amount to $15 million until March 15 and then increase it to $25 million thereafter; and (c) provides the company with the ability to increase the letter of credit commitment by $20 million, in the aggregate, at any time after March 15.

UTi Worldwide is an ocean freight and logistics company domiciled in the Virgin Islands with headquarters in Rancho Dominguez, Calif.

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