$UNQL Unique Logistics International Announces New
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Posted On: 06/07/2021 3:19:06 PM
$UNQL Unique Logistics International Announces New Credit Facility with TBK Bank, a Texas State Savings Bank
https://www.otcmarkets.com/stock/UNQL/news/st...id=1916216
The Company expects substantial cost-savings as a result of new financing arrangement and replacement of prior facility.
NEW YORK, June 7, 2021 /PRNewswire/ -- Unique Logistics International, Inc. (OTCMKTS: UNQL) ("Unique" or the "Company"
, a global logistics and freight forwarding company, today announced the signing of a new $30 million revolving purchase loan with TBK Bank, SSB, a subsidiary of Triumph Bancorp, Inc. (NASDAQ: TBK) and a Texas State Savings Bank.
"This new credit facility is a key step forward for the Company and we expect this to significantly reduce our debt servicing costs, with a direct impact on our bottom line," said Sunandan Ray, Chief Executive Officer of Unique Logistics. "We look forward to continuing the aggressive business expansion we've achieved over the last year."
Under the terms of the new financing, Unique may access up to $30 million under a revolving purchase loan at the Prime Rate plus 3%.
Unique concurrently repaid and terminated the Company's prior $25 million Secured Accounts Receivable Facility with Corefund Capital, LLC.
https://www.otcmarkets.com/stock/UNQL/news/st...id=1916216
The Company expects substantial cost-savings as a result of new financing arrangement and replacement of prior facility.
NEW YORK, June 7, 2021 /PRNewswire/ -- Unique Logistics International, Inc. (OTCMKTS: UNQL) ("Unique" or the "Company"
, a global logistics and freight forwarding company, today announced the signing of a new $30 million revolving purchase loan with TBK Bank, SSB, a subsidiary of Triumph Bancorp, Inc. (NASDAQ: TBK) and a Texas State Savings Bank. "This new credit facility is a key step forward for the Company and we expect this to significantly reduce our debt servicing costs, with a direct impact on our bottom line," said Sunandan Ray, Chief Executive Officer of Unique Logistics. "We look forward to continuing the aggressive business expansion we've achieved over the last year."
Under the terms of the new financing, Unique may access up to $30 million under a revolving purchase loan at the Prime Rate plus 3%.
Unique concurrently repaid and terminated the Company's prior $25 million Secured Accounts Receivable Facility with Corefund Capital, LLC.
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