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Crystal Financial Inks $45MM Credit Facility with Roadrunner Transportation Systems

August 17, 2020, 09:00 AM
Filed Under: Trucking

Roadrunner Transportation Systems, Inc. announced the recent closings of three transactions completing Roadrunner's divestiture of all truckload segment businesses. This includes the sale of Rich Logistics and Integrated Services, Inc. ("ISI") to an undisclosed strategic buyer, as well as the sale of Roadrunner Temperature Controlled to Laurel Oak Capital Partners.

The company also replaced its existing senior secured credit facility with BMO Bank Harris, N.A. and entered into a new $45.0 million senior secured asset-based credit facility with Crystal Financial. Roadrunner's divestitures and the spin-off of Ascent have reduced the company's balance sheet liabilities by approximately $400 million, leaving the company with a net cash position.

"With the actions announced today, we have completed our evolution from a troubled roll-up to a focused, national LTL carrier. We are eternally grateful to our team for the long hours and hard work through the prolonged period of transition," said Chris Jamroz, Executive Chairman of Roadrunner.

"We enter this new stage of Roadrunner with the healthiest balance sheet in the company's history," said Frank Hurst, President of Roadrunner Transportation Systems.

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