Blueknight closes in on a new $300.0 million revolving credit facility
In May 2021, Blueknight announced it had closed a four-year $300.0 million senior secured revolving credit facility, called the New Credit Facility. This new facility will replace its previous facility, which will mature in May 2022. This extension will be integral to the company's short and long-term goals as it seeks to strengthen its liquidity position through May 2025. The new credit facility permits borrowing up to $300.00 million, which includes a provision to increase total commitments to a maximum of $450.0 million.
New Activity|M&A|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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