echo global logistics inc (ECHO) Key Developments
Echo Global Logistics, Inc. Announces Executive Changes
Jun 18 15
Echo Global Logistics, Inc. announced the appointment of Mr. Waggoner, the Company's Chief Executive Officer and a director, to serve as Chairman of the Board. Samuel K. Skinner, who joined the Board in September 2006 and has served as non-executive Chairman of the Board since February 2007, will retire as Chairman but will remain a member of the Board. Mr. Waggoner has served as CEO of Echo since December 2006 and has served as a member of the Board since February 2008. The Company also announced that the Board has established a lead independent director position and has appointed Bradley A. Keywell to serve in that capacity. Mr. Keywell is a co-founder of Echo and has served on its Board since February 2005. Mr. Keywell serves on the Compensation Committee and the Nominating and Corporate Governance Committee of the Board of Directors.
Echo Global Logistics, Inc. Presents at Macquarie Global Emerging Leaders Corporate Day - New York, Jun-15-2015
Jun 10 15
Echo Global Logistics, Inc. Presents at Macquarie Global Emerging Leaders Corporate Day - New York, Jun-15-2015 . Venue: Sofitel New York, 45 West 44th Street, New York, NY 10036, United States.
Echo Global Logistics, Inc., Annual General Meeting, Jun 12, 2015
Jun 2 15
Echo Global Logistics, Inc., Annual General Meeting, Jun 12, 2015., at 09:00 Central Standard Time.
Echo Global Logistics, Inc. Appoints Paul Loeb to Board of Directors
Jun 1 15
Echo Global Logistics, Inc. announced acquisition of Command Transportation, LLC. Command now operates as a wholly owned subsidiary of Echo. Paul Loeb will be appointed to the Echo Board of Directors in connection with the Command acquisition and the Board will be expanded to seven directors.
Echo Global Logistics, Inc. and Echo Global Logistics, Inc. Enter into the Revolving Credit and Security Agreement
Jun 1 15
On June 1, 2015, Echo Global Logistics, Inc. and Command Transportation, LLC entered into the Revolving Credit and Security Agreement, among the company and Command, as co-borrowers, PNC Bank, National Association, as administrative agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A., each as co-syndication agents, and the lenders from time to time party thereto. The New Credit Agreement replaces the Company's current Credit Agreement, dated as of May 2, 2014, by and among the Company, the lenders party thereto, and PNC Bank, National Association, as Administrative Agent, and provides for a senior secured revolving credit facility in an initial aggregate principal amount of up to $200 million. The initial aggregate principal amount under the ABL Facility may be increased from time to time by an additional $100 million to a maximum aggregate principal amount of $300 million; provided that only four increases are permitted during the life of the loan and if, for each increase, certain requirements are satisfied. The Company's obligations under the New Credit Agreement are secured, on a first lien priority basis, by certain working capital assets. Interest is payable at a rate per annum equal to, at the option of the Company, any of the following, plus, in each case, an applicable margin: (a) a base rate determined by reference to the high of (1) the federal funds effective rate, plus 0.50%, (2) the base commercial lending rate of PNC Bank, National Association and (3) a daily LIBOR rate, plus 1.00%; (b) a LIBOR rate determined by reference to the costs of funds for deposits in the relevant currency for the interest period relevant to such borrowing adjusted for certain additional costs; or (c) a daily LIBOR rate. The applicable margin will be 0.25% to 0.75% for borrowings at the base rate and 1.25% to 1.75% for borrowings at the LIBOR rate, in each case, based on the excess availability under the ABL Facility. The Company will also be required to pay a commitment fee in respect of the unutilized commitments under the revolving credit facility of between 0.25% and 0.375% based on the excess availability for the prior calendar quarter under the ABL Facility.