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Janel World Trade Closes New $3.5MM Credit Facility With Presidential Financial

April 04, 2014, 07:31 AM
Filed Under: Logistics

Janel World Trade, a full-service global provider of integrated transportation logistics, today announced that the company has entered into a $3.5 million loan and security agreement with Presidential Financial Corporation (Presidential).

The new Presidential credit facility replaces the credit facility with Community National Bank (CNB). Under the Presidential facility the company can borrow the lesser of $3.5 million or 70% of the company's aggregate outstanding eligible accounts receivable. The company had no borrowing availability under the CNB facility.

"This new credit facility, coupled with the equity investment we announced five months ago, provides Janel with increased financial flexibility and is another key step toward our future growth initiatives with the goal of returning Janel to profitability," said William J. Lally, president and chief executive officer.

Janel World Trade, Ltd. is a global provider of integrated logistics; including domestic and international freight forwarding via multi-modal carriers, leading-edge, end-to-end, supply-chain technology, customs brokerage, warehousing and distribution, and other transportation-related services.

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