Neovia Logistics Successfully Completes Note Exchange
Press Release | 03.30.17
Neovia Logistics, LP, a leading third-party logistics company, announced earlier today the successful completion of the previously announced private offer by its direct parent, Neovia Logistics Intermediate Holdings, LP and Neovia Logistics Intermediate Finance Corporation.
In pursuing the note exchange, the company achieved debt reduction of more than $46 million primarily due to a cash infusion by its investors and extended the maturity of its unsecured notes from 2018 to 2020.
“The successful completion of the exchange offer and equity infusion by our owners represent a strong vote of confidence by Neovia’s shareholders and creditors,” said Pat Olney, Chief Executive Officer of Neovia. “As we enter our fifth year as a standalone company, these moves will position us for continued growth and success. We are happy to have this transaction behind us so that we can continue to focus on providing value to our customers.”