Rochester, NY 6/30/2009 1:26:20 AM
Afternoon Report - SAIA - Amending of Credt Agreements for Saia - Sourced WhisperFromWallStreet.com
Saia, Inc.
Afternoon Report - SAIA - Amending of Credt Agreements for Saia - Sourced WhisperFromWallStreet.com
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Saia, Inc.,SAIA
Saia Inc. reported that it has amended its revolving credit and Senior Note facilities. The amendment to the Company's revolving credit facility includes the following: Provides relief of its leverage ratios and fixed charge coverage covenants through December 31, 2010; increases LIBOR spreads and letter of credit fees on outstanding obligations by approximately 200 basis points, depending on the applicable leverage ratio; provides for a pledge of certain real estate, rolling stock and other personal property to secure the facility; confirms its $160 million commitment, subject to a borrowing base, and its January 2013 maturity. In conjunction with the amendment to the revolving credit facility, the Company also amended its Senior Notes by modifying the financial covenants to match the relief provided in the revolving credit facility. Interest rates on the Senior Notes remain unchanged but are now subject to an increase if the noteholders are required by insurance regulations to increase reserves on the notes. The noteholders also share equally in the collateral provided under the revolving credit facility. The maturity of the notes remains unchanged.
About
Saia, Inc., an asset-based trucking company, provides transportation and supply chain solutions in the United States. The company, through its subsidiary, Saia Motor Freight Line LLC, offers regional and interregional less than truckload services, selected national LTL, and time-definite services in the United States. It serves various industries, including the retail, chemical, and manufacturing industries. The company was formerly known as SCS Transportation, Inc. and changed its name to Saia, Inc. in 2006. Saia, Inc. was founded in 2000 and is headquartered in Johns Creek, Georgia.
Last Trade: 18.63
Day's Range: 17.83 - 18.85
52wk Range: 6.52 - 19.99
Volume: 137,763
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