Porter Hedges represented ArcBest Corporation in a $250M Revolving Credit Facility
Porter Hedges represented ArcBest Corporation (Nasdaq: ARCB) (“ArcBest”) in connection with its $250 million revolving credit facility. On October 7, ArcBest entered into its Fourth Amended and Restated Revolving Credit Agreement providing for a revolving credit facility with a five-year term, an initial maximum revolving credit amount of $250 million and the right to request additional revolving commitments or incremental term loans up to an aggregate additional amount of $125 million, subject to the satisfaction of certain additional conditions. Changes implemented by the new credit agreement include increasing the facility’s swing line sublimit from $25 million to $40 million, replacement of LIBOR-based interest pricing conventions with SOFR-based interest pricing conventions, and release of liens and pledges on certain assets of the Company and its subsidiaries, converting the credit facility into an unsecured facility. The revolving credit facility will be used, among other purposes, for general corporate purposes and to fund working capital-
Headquartered in Fort Smith, Arkansas, ArcBest is a leading logistics company with creative problem solvers who deliver integrated solutions. For additional information on ArcBest, please visit their website.