BELLEVUE, Wash., Aug. 13, 2013 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE MKT: RLGT), a domestic and international logistics services company, today announced that it had secured a new $30.0 million senior credit facility (the "Senior Facility") with Bank of America, N.A. (the "Lender"). The Senior Facility replaces the Company's $20.0 million facility with Bank of America and provides the Company with higher advance rates and less restrictive financial and operational covenants than the previous facility. Advances under the Senior Facility are available to fund future acquisitions, capital expenditures or for other corporate purposes, including the refinancing of the Company's subordinated debt and the repurchase of the Company's stock. (Logo: http://photos.prnewswire.com/prnh/20110606/CL14193LOGO) Under the terms of the Senior Facility, borrowings through the first anniversary of the new facility accrue interest, at the Company's option, at the Lender's base rate plus 0.50% or LIBOR plus 2.25%, and can subsequently be adjusted based on the Company's fixed charge coverage ratio at the Lender's base rate plus 0.0% to 0.50% or LIBOR plus 1.50 % to 2.25%. In compliance with the terms of the Company's existing $10.0 million subordinated debt (the "Subordinated Debt"), the Senior Facility is structured to expire on the earlier of (1) six months prior to the December 1, 2016 maturity of the Subordinated Debt, or (2) August 1, 2018. Under the terms of the Subordinated Debt, the Company can repay all or a portion of the $10.0 million, which accrues interest at a rate of 13.5% per annum, as early as December 1, 2013. The Senior Facility is collateralized by accounts receivable and other assets of the Company and its subsidiaries and provides for advances of up to 85% of eligible domestic accounts receivable and, subject to certain sub-limits, provides for advances of up to 75% of eligible accrued but unbilled receivables and eligible foreign accounts receivable. Under the terms of the Senior Facility, the Company is subject to a single financial covenant which requires the Company to maintain a fixed charge coverage ratio of 1.1 to 1 if, and only if, net availability under the Senior Facility falls below $5.0 million. In addition, the Company is authorized to pursue acquisitions, pay-down subordinated debt and/or repurchase Company stock so long as the Company maintains a minimum availability under the Senior Facility of the greater of (a) $5.0 million or (b) 20% of gross availability under the Senior Facility. Under the terms of the Senior Facility, as of June 30, 2013 the Company had gross availability of approximately $27.0 million, advances of approximately $9.0 million and net availability of approximately $18.0 million. "We are very pleased to announce our new senior facility with Bank of America," said Bohn Crain, Founder and CEO. "The new facility provides us access to additional low-cost capital and greater financial flexibility as we look to maximize long term shareholder value. Our business strategy remains focused on delivering profitable growth through a combination of organic growth and strategic acquisitions intended to bring value to our operating partners and the end customers that we serve. Most recently, we have been investing in a number of organic growth initiatives, expanding our sales force and incubating our internal truck brokerage and customs house brokerage service offerings. In addition to these organic growth initiatives, with the benefit of the new senior facility we enjoy the increased capacity to pursue initiatives to unlock shareholder value, including opportunities to refinance our subordinated debt, seek compelling acquisitions and/or pursue compelling acquisitions and/or execute a stock buyback if warranted." About Radiant Logistics (NYSE MKT: RLGT) Radiant Logistics, Inc. ( www.radiantdelivers.com) is a non-asset based transportation and logistics company providing domestic and international freight forwarding and fulfillment services through a network of company-owned and independent agent offices across North America. The company operates under the Radiant, Airgroup, Adcom, and Distribution By Air brands servicing a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world. This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to trends in the domestic and global economy, our ability to attract new and retain existing agency relationships, acquisitions and integration of acquired entities, availability of capital to support our acquisition strategy, our ability to maintain and improve back office infrastructure and transportation and accounting information systems in a manner sufficient to service our revenues and network of operating locations, outcomes of legal proceedings, competition, management of growth, potential fluctuations in operating results, and government regulation. More information about factors that potentially could affect Radiant Logistics, Inc. financial results is included Radiant Logistics, Inc.'s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings. SOURCE Radiant Logistics, Inc.