SunTrust Bank's deal for U.S. Xpress Enterprises has had its deadline extended as investor uncertainty over committing to new deals hampers the pace of syndication.
The deal for the Chattanooga, Tenn.-based transport company, is currently structured as a $75 million three-year revolver and a six-and-a-half year $150 million term loan "B." The spread is LIBOR plus 23/ 4% on the revolver and LIBOR plus 31/ 4% on the term loan. The new loan refinances a $195 million credit facility led by Wachovia Bank, Fleet National Bank and Bank of America. Calls to Ray Harlin, e.v.p finance and cfo of U.S. Xpress were not returned. Pete Vaky, managing director, head of loan syndications at SunTrust Bank, said he expects the market to pick up.