Pacer Sets Debt-Removal Plan

Transportation and third-party logistics firm Pacer International said Monday it has successfully completed the refinancing of its existing long-term debt.

The company said it will take a one-time, pre-tax, non-cash $1.8 million fiscal quarter charge due to to the write-off of unamortized debt from its prior credit facility.

Pacer said it entered into a senior credit arrangement with a syndicate of financial institutions led by Bank of America. The agreement provides for $250 million, five-year revolving credit.

Pacer’s obligations under the new facility are secured by a pledge of its domestic subsidiaries’ stock and a portion of the stock or other equity interests of some of its foreign subsidiaries, the company said in a statement.

Pacer is ranked No. 18 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.