ST. LOUIS, Nov. 1, 2013 (GLOBE NEWSWIRE) -- Butcher Joseph Hayes (BJH), an investment bank based in St Louis that specializes in ESOP and other middle market M&A transactions, served as exclusive financial advisor to Paschall Truck Lines, Inc. (PTL) with respect to the financing of the sale of 100% of the Company's stock to a newly formed Employee Stock Ownership Plan (ESOP).
Butcher Joseph Hayes was able to successfully raise the capital for the transaction due to its extensive experience in ESOP financing and its understanding of the transportation sector.
To support the transaction, Butcher Joseph Hayes went to a broad group of lenders and created a competitive process to obtain the best financing terms possible for its client. BJH raised senior debt by identifying a lead agent and handling the syndication of the transaction among a four participant lender group. BJH also arranged the refinancing of PTL's current equipment debt in conjunction with structuring and raising the senior transaction debt. "The Company's historically strong and consistent performance and strong management team allowed us to successfully arrange the financing on behalf of PTL," stated Garry Karch , Managing Director at Butcher Joseph Hayes.
The ESOP will create a significant benefit for the PTL employees and management without any contribution on their part to the plan. Tony Waller, CEO of PTL, stated that, "Butcher Joseph Hayes' role in sourcing the capital, assembling the bank group and coordinating the activities leading to the closing of the financing played a critical role in successfully closing the transaction." According to Tom Stephens, Executive Vice President of PTL, "the ESOP transaction is a way of recognizing and rewarding the hard work that the employees and management have contributed to the success of the Company."
About Butcher Joseph Hayes
Butcher Joseph Hayes is an investment bank headquartered in St Louis, MO with coverage in Chicago, Washington DC and Charlotte, NC. BJH provides investment banking advisory services to lower middle market companies. With almost $2 billion in successfully completed ESOP structured transactions, BJH is known as a leader in the ESOP field.
About Paschall Truck lines, Inc.
Paschall Truck Lines is a truckload dry van transportation and logistics company headquartered in Murray, KY. The company operates throughout the most of the United States, with a primary focus on the Southeast, Midwest, Northeast and Mid-Atlantic regions of the country.
Contact for BJH: Rose Newport Director of Marketing Butcher Joseph Hayes 7701 Forsyth Blvd, Suite 850 Clayton, MO 63105 PH: 314-558-5116 x15 www.butcherjoseph.com Contact for PTL: Tom Stephens PO Box 1080, 3443 Highway 641 South Murray, KY 42071 PH: 270-753-1717 www.ptl-inc.com
