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Five Easy Ways To Facilitate Western Express Trucking

By Andrew Berlin

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NEW YORK, Nov 29 (Reuters) – US barter carrier Western Express Inc has aloof a proposed US$250m leveraged accommodation refinancing from alliance afterwards investors accepted college pricing, sources said on Wednesday.

Western Express is one of several US firms to abjure adept deals in contempo weeks as added animation in the high-yield band bazaar has fabricated it tougher for lower-rated companies to cut their borrowing costs.

Midstream activity aggregation EagleClaw shelved a repricing accommodation aftermost anniversary and orthopedic aggregation DJO canceled a proposed alteration and addendum of an absolute accommodation two weeks ago.

BMO Basic Markets launched Western Express’ refinancing on November 9 with amount allocution in the ambit of 575bp-600bp over Libor with a 1% Libor attic and a 99 Original Issue Discount (OID).

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Proceeds were appropriate to refinance the company’s absolute appellation accommodation and accord borrowings beneath its revolving acclaim facility.

The accord additionally included a five-year US$60m asset-based revolving acclaim facility. The six-year appellation accommodation was structured with a 5.0 times absolute net advantage agreement and accelerated acquittal of 3% per year. Lenders were offered 12 months of bendable alarm aegis at 101.

Higher antecedent amount allocution and the deal’s anatomy reflect some of the challenges adverse Western Express, sources said.

Similarly rated leveraged loans accept austere with an boilerplate crop to three-year alarm of 5.32% back the alpha of November and at atomic 56% of institutional loans currently in bazaar do not accommodate aliment covenants, according to Thomson Reuters LPC data. The crop to three-year alarm on Western Express would accept been 7.21% at the mean of guidance.

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BMO and the aggregation beneath to comment.

Potential lenders accent the asset-based revolving acclaim ability as one shortcoming, as appellation accommodation holders would accept had a additional affirmation on the assets acknowledging the revolving acclaim and aboriginal affirmation on the company’s actual assets, which are bare as Western Express leases the majority of its trucks.

“You’re absolutely a second-lien loan,” an broker said.

The company’s aggressive continuing in the activity bazaar additionally apropos some investors.

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“They accept a curtailment of truckers,” addition broker said. “They are a low payer and there’s abundant turnover.”

The accord would accept brought Western Express’ debt-to-Ebitda, or earnings, afore interest, taxes, abrasion and acquittal to 3.8 times, based on US$85.8m of aftermost 12-months’ Ebitda and US$322.4m of absolute debt, including the new US$250m appellation accommodation and US$72.4m in basic leases, the sources said.

The accommodation was assigned B2/B accumulated and ability ratings by Moody’s Investors Service and Standard & Poor’s, respectively. (Reporting by Andrew Berlin; Editing By Tessa Walsh and Jon Methven)

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