Delaware
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001-34533
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13-3361050
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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9503 East 33rd Street
One Celadon Drive, Indianapolis, IN
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46235
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(Address of principal executive offices)
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(Zip Code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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[ ]
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Emerging growth company
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[ ]
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
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Item 1.01 |
Entry into a Material Definitive Agreement.
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(d)
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Exhibits.
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EXHIBIT
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NUMBER
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EXHIBIT DESCRIPTION
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Third Amendment to Second Amended and Restated Credit Agreement dated November 15, 2019.
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Waiver and Amendment No. 3 to Credit and Security Agreement dated November 15, 2019.
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CELADON GROUP, INC.
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Date: November 21, 2019
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By:
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/s/ Vincent Donargo |
Vincent Donargo
Chief Financial Officer
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EXHIBIT
NUMBER
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EXHIBIT DESCRIPTION
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Third Amendment to Second Amended and Restated Credit Agreement dated November 15, 2019.
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||
Waiver and Amendment No. 3 to Credit and Security Agreement dated November 15, 2019.
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Fiscal Quarter
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Lease Adjusted Leverage Ratio
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Measurement Method
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February 29, 2020
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
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10.00 to 1.00
9.75 to 1.00
9.00 to 1.00
7.25 to 1.00
6.50 to 1.00
6.25 to 1.00
6.00 to 1.00
5.50 to 1.00
5.00 to 1.00
4.75 to1.00
4.50 to 1.00
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Consolidated EBITDAR for the 5-month period then ending x 12/5
Consolidated EBITDAR for the three Fiscal Quarters then ending x 4/3
Consolidated EBITDAR for the four Fiscal Quarters then ending (and to be used hereafter)
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Period
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Capital Expenditures
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Fiscal Year ended June 30, 2020
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$299,000,000
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Fiscal Year ended June 30, 2021
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$87,000,000
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Fiscal Year ended June 30, 2022
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$50,000,000
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Fiscal Quarter
February 29, 2020
March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
March 31, 2022
June 30, 2022
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Fixed Charge Coverage Ratio
0.50 to 1.00
0.45 to 1.00
0.55 to 1.00
0.65 to 1.00
0.70 to 1.00
0.75 to 1.00
0.75 to 1.00
0.75 to 1.00
0.75 to 1.00
0.75 to 1.00
0.75 to 1.00
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Measurement Method
Consolidated EBITDA and Consolidated Fixed Charges for the 5-month period then ending x 12/5
Consolidated EBITDA and Consolidated Fixed Charges for the three Fiscal Quarters then ending x 4/3
Consolidated EBITDA and Consolidated Fixed Charges for the four Fiscal Quarters then ending (and to be used hereafter)
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Period
November 15, 2019 through and including February 29, 2020
March 1, 2020 through and including March 31, 2020
Fiscal Quarter ending June 30, 2020
Fiscal Quarter ending September 30, 2020
Fiscal Quarter ending December 31, 2020
Fiscal Quarter ending March 31, 2021
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Liquidity
$5,000,000
$12,500,000
$12,500,000
$15,000,000
$15,000,000
$15,000,000
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Fiscal Quarter ending June 30, 2021
Fiscal Quarter ending September 30, 2021
Fiscal Quarter ending December 31, 2021
Fiscal Quarter ending March 31, 2022
Fiscal Quarter ending June 30, 2022
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$15,000,000
$15,000,000
$15,000,000
$15,000,000
$15,000,000
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BORROWER: | ||
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CELADON GROUP, INC.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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GUARANTORS: | ||
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CELADON E-COMMERCE, INC.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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CELADON TRUCKING SERVICES, INC.
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||
By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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CELADON REALTY, LLC
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||
By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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TAYLOR EXPRESS, INC.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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OSBORN TRANSPORTATION, INC.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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CELADON LOGISTICS SERVICES, INC.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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EAGLE LOGISTICS SERVICES INC.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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BEE LINE, INC.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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VORBAS, LLC | ||
By: | /s/ Chase Welsh | |
Name: | Chase Welsh | |
Title: | Secretary | |
DISTRIBUTION, INC. | ||
By: | /s/ Chase Welsh | |
Name: | Chase Welsh | |
Title: | Secretary |
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CELADON MEXICANA, S.A. DE C.V.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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QUALITY COMPANIES LLC
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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QUALITY EQUIPMENT LEASING, LLC
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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QUALITY INSURANCE LLC
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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SERVICIOS DE TRANSPORTACIÓN JAGUAR, S.A. DE C.V. | ||
By: |
/s/ Chase Welsh |
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Name: |
Chase Welsh |
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Title: |
Secretary |
SERVICIOS CORPORATIVOS JAGUAR, S.C. |
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By: |
/s/ Chase Welsh |
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Name: |
Chase Welsh |
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Title: |
Secretary |
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JAGUAR LOGISTICS S.A. DE C.V.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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LEASING SERVICIOS, S.A. DE C.V.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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CELADON MEXICANA, S.A. DE C.V.
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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CELADON CANADIAN HOLDINGS, LIMITED
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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HYNDMAN TRANSPORT LIMITED |
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By: |
/s/ Chase Welsh |
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Name: |
Chase Welsh |
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Title: |
Secretary |
ADMINISTRATIVE AGENT: |
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BLUE TORCH FINANCE, LLC |
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By: |
Blue Torch Capital LP, its managing member |
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By: |
/s/ Gary Manowitz |
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Name: |
Gary Manowitz |
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Title: |
Authorized Signor |
LENDERS: | ||
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BTC HOLDINGS FUND I, LLC
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By: | Blue Torch Credit Opportunities Fund I LP, it sole member | |
By: | Blue Torch Credit Opportunities GP LLC, its general partner | |
By:
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/s/ Gary Manowitz
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Name:
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Gary Manowitz
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Title:
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Authorized Signor
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BTC HOLDINGS FUND I-B, LLC | ||
By: | Blue Torch Credit Opportunities Fund I LP, its sole member | |
By: | Blue Torch Credit Opportunities GP LLC, its general partner | |
By:
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/s/ Gary Manowitz
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Name:
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Gary Manowitz
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Authorized Signor |
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BTC HOLDINGS SC FUND LLC
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By: | Blue Torch Credit Opportunities SC Master Fund LP, its sole member | |
By: | Blue Torch Credit Opportunities SC GP LLC, its general partner | |
By:
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/s/ Gary Manowitz
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Name:
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Gary Manowitz
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Title:
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Authorized Signor
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LUMINUS ENERGY PARTNERS MASTER FUND, LTD.
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By:
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/s/ Shawn R. Singh
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Name:
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Shawn R. Singh
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Title:
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General Counsel
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Defined Period Ending Date
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Lease Adjusted Net Leverage Ratio
|
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February 29, 2020
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10.00 to 1.00
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March 31, 2020
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9.75 to 1.00
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June 30, 2020
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9.00 to 1.00
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September 30, 2020
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7.25 to 1.00
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December 31, 2020
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6.50 to 1.00
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March 31 2021
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6.25 to 1.00
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June 30, 2021
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6.00 to 1.00
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September 30, 2021
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5.50 to 1.00
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December 31, 2021
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5.00 to 1.00
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March 31, 2022
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4.75 to 1.00
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June 30, 2022
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4.50 to 1.00
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Defined Period Ending Date
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Fixed Charge Coverage Ratio
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February 29, 2020
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0.50 to 1.00
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March 31, 2020
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0.45 to 1.00
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June 30, 2020
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0.55 to 1.00
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September 30, 2020
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0.65 to 1.00
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December 31, 2020
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0.70 to 1.00
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March 31, 2021 and the last day of each fiscal quarter thereafter
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0.75 to 1.00
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Period
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Liquidity
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Closing Date through October 14, 2019
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$10,000,000
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October 15, 2019 through November 15, 2019
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$8,000,000
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November 15, 2019 through February 29, 2020
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$5,000,000
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March 1, 2020 through March 31, 2020
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$12,500,000
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Fiscal quarter ending June 30, 2020
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$12,500,000
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Fiscal Quarter ending September 30, 2020
and each fiscal quarter thereafter
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$15,000,000
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BORROWERS:
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CELADON GROUP, INC., a Delaware corporation
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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CELADON E-COMMERCE, INC., a Delaware corporation
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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CELADON TRUCKING SERVICES, INC., a New Jersey corporation
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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CELADON REALTY, LLC, a Delaware limited liability company
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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OSBORN TRANSPORTATION, INC., an Alabama corporation
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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BEE LINE, INC., an Ohio corporation
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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DISTRIBUTION, INC., an Oregon corporation
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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QUALITY COMPANIES LLC, an Indiana limited liability company
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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QUALITY EQUIPMENT LEASING, LLC, a Delaware limited liability company | ||
By: | /s/ Chase Welsh | |
Name: | Chase Welsh | |
Title: | Secretary |
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QUALITY INSURANCE, LLC, an Indiana limited liability company
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By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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CELADON LOGISTICS SERVICES, INC., a Delaware corporation
|
||
By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
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EAGLE LOGISTICS SERVICES INC., an Indiana corporation
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||
By:
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/s/ Chase Welsh
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Name:
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Chase Welsh
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Title:
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Secretary
|
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VORBAS, LLC, an Ohio corporation | ||
By: | /s/ Chase Welsh | |
Name: | Chase Welsh | |
Title: | Secretary | |
CELADON CANADIAN HOLDINGS, LIMITED, an Ontario corporation | ||
By: | /s/ Chase Welsh | |
Name: | Chase Welsh | |
Title: | Secretary |
HYNDMAN TRANSPORT LIMITED, an Ontario corporation | ||
By: | /s/ Chase Welsh | |
Name: | Chase Welsh | |
Title: | Secretary | |
TAYLOR EXPRESS, INC., a North Carolina corporation | ||
By: | /s/ Chase Welsh | |
Name: | Chase Welsh | |
Title: | Secretary |
AGENT:
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MIDCAP FUNDING IV TRUST, as Agent
|
|
By: | Apollo Capital Management, L.P., its investment manager | |
By: | Apollo Capital Management GP, LLC, its general partner | |
By:
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/s/ Maurice Amsellem
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Name:
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Maurice Amsellem
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Title:
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Authorized Signatory
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LENDER:
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MIDCAP FUNDING IV TRUST, as a Lender
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By: | Apollo Capital Management, L.P., its investment manager | |
By: | Apollo Capital Management GP, LLC, its general partner | |
By:
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/s/ Maurice Amsellem
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Name:
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Maurice Amsellem
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Title:
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Authorized Signatory
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