UTi Worldwide Issues New Notes and Amends Credit Facilities

UTi Worldwide UTIW today announced that it has successfully issued $150 million of senior unsecured guaranteed notes, amended and extended two of its existing letter of credit facilities and entered into a new revolving credit facility. The company also announced that it has amended and restated its existing letter of credit facility with Nedbank Limited, acting through its London branch, and its letter of credit facility with the Royal Bank of Scotland. The amended and restated letter of credit and cash draw facility with Nedbank provides for a $40.0 million committed standby letter of credit facility (which according to the agreement may be increased by the parties in the future by up to an additional $35.0 million), and a $35.0 million cash draw facility. The amended and restated letter of credit facility with RBS provides for an uncommitted availability for letters of credit of up to $50.0 million. At the same time, UTi entered into a new unsecured revolving credit facility with Bank of the West that provides for up to $50.0 million of availability for both cash draws and letters of credit