Chattanooga, Tenn.-based U.S. Xpress Enterprises has selected SunTrust Bank to lead a $225 million refinancing credit with Thursday pegged as the launch date. Pete Vaky, managing director, head of loan syndications, confirmed the date, but declined further comment on the credit. A banker familiar with the deal said that a $150 million term loan "B" would be included. Pricing is likely to be LIBOR plus 23/ 4% on the $75 million revolver and LIBOR plus 33/ 4% on the "B." Calls to Ray Harlin, e.v.p., finance and cfo of U.S. Xpress, were not returned.
U.S. Xpress, a transport company, arranged a $225 million revolving credit facility in 1998 led by administration agent Wachovia Bank, documentation agentFleet National Bank, and Bank of America as syndication agent. SunTrust was a co-agent on the credit.