TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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June 9, 2021
Source: PR Newswire
The Company expects substantial cost-savings as a result of new financing arrangement and replacement of prior facility.
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.
ABOUT UNIQUE LOGISTICS INTERNATIONAL, INC.
Unique Logistics International, Inc. (OTCMKTS: UNQL) through its wholly owned operating subsidiaries, is a global logistics and freight forwarding company providing a range of international logistics services that enable its customers to outsource to the Company sections of their supply chain process. The services provided are seamlessly managed by its network of trained employees and integrated information systems. We enable our customers to share data regarding their international vendors and purchase orders with us, execute the flow of goods and information under their operating instructions, provide visibility to the flow of goods from factory to distribution center or store and when required, update their inventory records.
