Unique Logistics International Announces New Credit Facility with TBK Bank, a Texas State Savings Bank

Rhea-AI Summary

Unique Logistics International (OTCMKTS: UNQL) announced a new $30 million revolving purchase loan with TBK Bank, aimed at reducing debt servicing costs and enhancing bottom-line results. This credit facility allows access to funds at the Prime Rate plus 3% and comes after the repayment of a previous $25 million facility with Corefund Capital. CEO Sunandan Ray emphasized that this move supports their aggressive business expansion strategy, building on successes achieved over the past year.

Positive

• Secured a new $30 million revolving purchase loan with TBK Bank.
• Expected reduction in debt servicing costs will positively impact bottom line.
• Continuing aggressive expansion strategy following recent business success.

Negative

• None.

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.

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.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. While we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to Unique Logistics International, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

 

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SOURCE Unique Logistics International, Inc.

FAQ

What is the significance of Unique Logistics' new $30 million loan with TBK Bank?

The new $30 million loan is expected to significantly reduce Unique Logistics' debt servicing costs and enhance its bottom line.

How does the new revolving loan impact Unique Logistics' financial situation?

The revolving loan allows Unique Logistics to access funds at the Prime Rate plus 3%, providing financial flexibility and reducing previous debt burdens.

What did Unique Logistics do with its previous $25 million facility?

Unique Logistics repaid and terminated its previous $25 million Secured Accounts Receivable Facility with Corefund Capital as part of restructuring its debt.

What is Unique Logistics' future business strategy following this financing?

Unique Logistics plans to continue its aggressive business expansion strategy, supported by the new credit facility.