LONG BEACH, Calif., March 27, 2014 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today announced the successful closing of its senior secured asset-based revolving credit facility (the "ABL Facility") with Citigroup Global Markets Inc., Morgan Stanley Senior Funding, Inc. and Bank of the West. The ABL Facility provides commitments of $150 million and expires in five years. Borrowings under the ABL Facility are subject to a borrowing base calculated by reference to accounts receivable in the United States and Canada . The ABL Facility is the final piece of the refinancing transactions that were first announced on February 26, 2014. The refinancing also included the issuance of $400 million aggregate principal amount of 4.50% Convertible Senior Notes due 2019 and $175 million of Convertible Preference Shares. Proceeds from the refinancing have been used to repay prior indebtedness and for general corporate purposes. In connection with the closing of the ABL Facility, the company repaid all amounts outstanding under, and terminated, three separate credit facilities with Commerzbank, Bank of the West and Nedbank, Ltd. Eric W. Kirchner, chief executive officer, said, "We're pleased to announce the closing of the ABL facility, which increases the financial flexibility provided by the refinancing. The $725 million refinancing, including the ABL Facility, provides the company with a strong balance sheet. It also allows us to focus on completing our transformation and growing our business. "We've also made significant progress on our transformation, including the recent launch of our 1View freight forwarding operating system in China and South Africa. We now have deployed our new system in 32 countries, which represents approximately 72 percent of freight forwarding transactions." Kirchner continued, "As previously reported, we plan to seek shareholder approval at our June Annual Meeting to provide us the flexibility to settle the convertible notes in cash. If the notes were to be settled in cash, there would be no equity dilution associated with the issuance of the notes unless and until the price of our ordinary shares exceeds the conversion price. Actual payment terms will depend on market conditions at the time of settlement."