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Client Work

Vitran increases borrowing capacity and extends credit facilities to finance acquisition of PJAX for US$132 million

Fasken
Reading Time 1 minute read
Client

The Bank of Nova Scotia

On October 2, 2006, Vitran Corporation Inc., a North American transportation and logistics firm, announced the purchase of regional freight carrier PJAX Freight System for approximately $132 million. In connection with this transaction, Vitran increased its borrowing capacity under its existing syndicated credit facilities agented with The Bank of Nova Scotia to $160 million. This followed an initial agreement announced May 11, 2006 in which Vitran had increased its borrowing capacity to $75 million, compared to $45 million previously. Fasken Martineau advised The Bank of Nova Scotia in both the initial deal and the amended and restated deal with a team comprised of John Torrey, Thomas Meagher, David Ferris, Angela Onesi and Andrew Klug.