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ArcBest draws down credit

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  • ArcBest draws down credit

    Preparing for the eventual cash drain all companies will experience.

    ArcBest draws down credit facility, warns of further declines
    Less-than-truckload (LTL) carrier ArcBest Corp. (NASDAQ: ARCB) announced that it has drawn down its revolving credit facility in response to the uncertainty facing freight markets amid the coronavirus outbreak.

    In an 8-k filing with the U.S. Securities and Exchange Commission Monday, the carrier disclosed that it had drawn down the remaining $180 million available on its revolving credit facility and borrowed $45 million under its accounts receivable securitization program.

    From the filing: “These borrowings are a proactive measure to increase the Company’s cash position and preserve financial flexibility in light of general economic and financial market uncertainty resulting from the COVID-19 outbreak.”

    Along with the company’s current cash and short-term investments balance, ArcBest expects to have approximately $530 million to $540 million in aggregate cash and short-term investments at month’s end.
    https://www.freightwaves.com/news/ar...rther-declines
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