Wall-based Student Transportation Inc. announced today it has signed a new five-year amended agreement with its senior lenders to extend the current bank credit facility agreement to February 2018.
According to an announcement, STI was in the second year of a five-year term when it sought a new extended and amended agreement to secure its credit position for an additional five years.
The $155 million bank credit facility was arranged by BMO Capital Markets and funded by BMO Harris Bank, The Bank of Nova Scotia, Raymond James, Siemens Financial Services and The Toronto-Dominion Bank. The amended facility is a $15 million increase over the prior one, and includes a lower base rate, maintains leverage covenants at existing levels, and allows additional flexibility for leasing and share buy back options, if needed.
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