The revolving credit facility includes sub-facilities for letters of credit as well as new revenue equipment purchases. Wachovia Capital Finance is a co-lender in the facility.
"Due to our knowledge of the industry, coupled with our strong relationship with Lily Transportation’s management team, we are able to deliver a customized financing solution," said Textron Financial Business Credit President Russ Brant. "Our facility will allow the company to continue growing its business with both existing and new customers."
"This new financing provides enhanced liquidity for our growing working capital needs as well as support of strategic growth initiatives including the completion of our fleet renovation program and acquisitions," said Stephen F. Dmohowski, chief financial officer for Lily Transportation. "Textron Financial Business Credit and Wachovia Capital Finance are able to structure flexible financing, which will provide the capital we need to support our projected growth."
