Toronto-based carrier Vitran Corp. announced it has obtained a $17 million real estate term credit facility on some of its U.S. less-than-truckload transportation facilities.
The company received a commitment for an up to $33 million term facility and said it expects to receive the rest of the funds in the first quarter of 2013.
“Proceeds from the real estate term facility will be used to repay existing debt, which will allow for additional borrowing capacity under our existing revolving credit facility,” said Rick Gaetz, Vitran's chief executive officer.
Vitran is ranked No. 34 on the Transport Topics Top 100 listing of the largest U.S. and Canadian for-hire carriers.