Trucker Celadon Gets $165 Million in New Financing A loan included in the package includes rights for an unnamed shareholder to buy a roughly 49.9% stake in the truckload carrier
Trucking company Celadon Group Inc. has received $165 million in new financing that the company said will help its turnaround efforts.
An unidentified shareholder is providing part of the debt and could snag as much as a 49.9% stake as a result.
The shareholder is set to receive warrants to buy 16 million common shares that are exercisable immediately as part of the deal. Fully exercised, the warrants would account for about a third of the companyâ€™s fully diluted equity and would give the lender a roughly 49.9% stake in the company, Celadon said.
The new financing includes a $105 million in term loans and a revolving credit facility of $60 million.
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