UTi Worldwide Inc. completed the closing of a $150 million senior secured asset-based revolving credit facility with Citigroup Global Markets Inc., Morgan Stanley Senior Funding, Inc. and Bank of the West with Citibank, N.A. acting as administrative agent, collateral agent and swing loan lender which involved two Canadian subsidiaries, UTi, Canada, Inc. and UTi Canada Contract Logistics Inc. The ABL Facility was part of a larger $725 million refinancing of UTi announced on February 26, 2014 which will allow UTi to grow its business with a strong balance sheet.
UTi was advised with respect to the ABL Facility by a team of lawyers from Cravath, Swaine & Moore LLP composed of George Zobitz, Kirkie Maswoswe and Arthur Lotz, acting as US counsel. Ryan Filson, Steve Doak and Maralynne Monteith of WeirFoulds LLP acted as Canadian counsel for UTi.
The Agent was represented by Seth Jacobson, David Wagener and Alan Madison, acting as US counsel from Skadden, Arps, Slate, Meagher & Flom LLP. McMillan LLP acted as Canadian counsel to the Agent with a team comprised of Jeff Rogers, Andrea St. Bernard and Darcy Ammerman (financial services); David Wentzell (pensions) and Carl Irvine (tax).