ADDISON, Texas, Aug. 16, 2017 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ:DSKE) (NASDAQ:DSKEW), the largest owner and a leading consolidator of flatbed and specialized transportation and logistics solutions in North America, announced that it has completed an amendment to its Term Loan Agreement, providing additional financial flexibility to support the Company’s growth initiatives. Specifically, an adjustment was made to increase the delayed draw incurrence condition relating to pro forma total leverage ratio to 4.25x from 3.50x, effective today through to the maturity of the delayed draw term loan facility in February 2018. In addition, a temporary increase in the total leverage ratio covenant to 4.75x, from 4.25x today, was completed, effective today, with step-downs reverting to existing levels beginning in the test period ending March 31, 2018. No other changes were requested.
“Daseke has continued to execute on its consolidation strategy, closing three acquisitions following its public listing in February 2017," said Don Daseke, President and CEO of Daseke. “Our acquisition pipeline remains robust, active and actionable, and we remain on track to achieve our 2017 pro forma adjusted EBITDA target of $140 million, after giving effect to acquisitions completed during 2017. The successful completion of this temporary amendment will allow us to capitalize on our growth initiatives and is an important step as we continue to position the Company for long-term success.”
“We are pleased with the support of our term loan lenders to successfully execute this temporary amendment,” said Scott Wheeler, CFO of Daseke. “The temporary modification of our term loan provides us with the financial flexibility to act quickly and decisively as acquisition opportunities become immediately actionable.”
About Daseke, Inc.
Daseke, Inc. is the largest owner and a leading consolidator of flatbed and specialized transportation and logistics solutions in North America, comprised of 12 operating companies with over 3,600 trucks and over 7,500 flatbed and specialized trailers. Daseke offers comprehensive, best-in-class services to some of the world’s most respected industrial shippers.
Forward‐Looking Statements
This news release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” “will” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on current information and expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to, general economic risks (such as downturns in customers’ business cycles and disruptions in capital and credit markets), driver shortages and increases in driver compensation or owner-operator contracted rates, loss of senior management or key operating personnel, our ability to recognize the anticipated benefits of recent acquisitions, our ability to identify and execute future acquisitions successfully, seasonality and the impact of weather and other catastrophic events, fluctuations in the price or availability of diesel fuel, increased prices for, or decreases in the availability of, new revenue equipment and decreases in the value of used revenue equipment, our ability to generate sufficient cash to service all of our indebtedness, restrictions in our existing and future debt agreements, increases in interest rates, the impact of governmental regulations and other governmental actions related to the Company and its operations, litigation and governmental proceedings, and insurance and claims expenses. For additional information regarding known material factors that could cause our actual results to differ from those expressed in forward-looking statements, please see our filings with the Securities and Exchange Commission (the “SEC”), available at www.sec.gov, including Hennessy Capital Acquisition Corp. II’s definitive proxy statement dated February 6, 2017, particularly the section “Risk Factors—Risk Factors Relating to Daseke’s Business and Industry,” and Daseke’s Current Report on Form 8-K/A, filed with the SEC on March 16, 2017, and amended on May 4, 2017.