Rochester,NY 7/10/2009 3:25:41 AM
Afternoon Report - PACR - Pacer Enters First Amendment and Waiver to Its Credit Agreement - Sourced WhisperFromWallStreet.com
Pacer International Inc
Afternoon Report - PACR - Pacer Enters First Amendment and Waiver to Its Credit Agreement - Sourced WhisperFromWallStreet.com
Pacer International Inc.PACR
The North American freight transportation and logistics services provider, announced that it has successfully entered into a First Amendment and Waiver of its 2007 Credit Agreement with its syndicate of financial institutions led by Bank of America, N.A.
The amendments to the credit facility include, among other things, a waiver of compliance with the leverage ratio covenant with respect to the quarter ending June 30, 2009 for a period ending August 31, 2009. Additional details about the amendment are set forth in the Company’s Form 8-K filed with the SEC on July 1, 2009 and can be accessed in the investor section of the www.pacer.com website.
"We are pleased that our syndicate of lenders supported us with this amendment and waiver,said Brian Kane, Chief Financial Officer of Pacer. “We are in discussions with the lead arranger to amend or replace the existing credit facility with an acceptable longer term financing package before the August 31 expiration of the waiver of compliance with the leverage ratio covenant. We are also moving forward with our plan to implement organizational streamlining and expense reduction initiatives to scale our cost structure to current market and competitive conditions.
Last Trade: 1.80
Day's Range: 1.77 - 1.92
52wk Range: 1.57 - 25.21
Volume: 556,607
ABOUT Pacer International Inc
Pacer International, Inc. operates as a non-asset based third-party logistics provider in North America. The company operates in two segments, Intermodal and Logistics. The Intermodal segment provides stacktrain, rail brokerage, and local cartage services principally to intermodal marketing companies, truck brokers, truckload carriers, automotive intermediaries, and international shipping companies. This segment also offers ramp-to-ramp and door-to-door services. As of December 26, 2008, the company?s equipment fleet consisted of 1,849 double-stack railcars, 28,681 containers, and 29,904 chassis. The Logistics segment provides highway brokerage and truck services, international freight forwarding, warehousing and distribution, and supply chain management services to end-user customers. This segment also offers airfreight forwarding services as an indirect air carrier. The company was founded in 1974 and is headquartered in Concord, California.
---
During 2009 we have sent 40+ alerts with an average gain of over 80%. Below are a few alerts sent only to our whisperfromwallstreet.com members.
SPNG 1800%
AMNG 241%
RKBD 300%
UTRM 169%
TLLE 266%
Sign up now to receive free stock alerts
---
Please Read Our Disclaimer at http://whisperfromwallstreet.com/disclaimer.php
