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September 02, 2015 10:57 PM ET

Road and Rail

Company Overview of Covenant Transport, Inc.

Company Overview

Covenant Transport, Inc. provides truckload for-hire and dedicated contract transportation. The company was founded in 1985 and is based in Chattanooga, Tennessee. Covenant Transport, Inc. operates as a subsidiary of Covenant Transportation Group, Inc.

400 Birmingham Highway

Chattanooga, TN 37419

United States

Founded in 1985

Phone:

423-821-1212

Fax:

423-821-5442

Key Executives for Covenant Transport, Inc.

President
Age: 53
Compensation as of Fiscal Year 2015.

Covenant Transport, Inc. Key Developments

Covenant Transportation Group, Inc., and its direct and indirect wholly owned subsidiaries, Covenant Transport, Inc., CTG Leasing Company, Southern Refrigerated Transport, Inc., Covenant Asset Management, Inc., Covenant Transport Solutions, Inc., and Star Transportation, Inc. Enter into a Joinder, Supplement and Eleventh Amendment to Third Amended and Restated Credit Agreement

On August 6, 2015, Covenant Transportation Group, Inc., and its direct and indirect wholly owned subsidiaries, Covenant Transport, Inc., CTG Leasing Company, Southern Refrigerated Transport, Inc., Covenant Asset Management, Inc., Covenant Transport Solutions, Inc., and Star Transportation, Inc., (collectively with CAM, CTI, CTGL, SRT, and CTS, the “Borrowers”), Driven Analytic Solutions, LLC, and Covenant Properties, LLC, entered into a Joinder, Supplement and Eleventh Amendment to Third Amended and Restated Credit Agreement (the “Eleventh Amendment”) with Bank of America, N.A., as agent (the “Agent”), and JPMorgan Chase Bank, N.A. (together with the Agent, the “Lenders”), which amended that certain Third Amended and Restated Credit Agreement, dated September 23, 2008, by and among the Company, the Borrowers, the Agent, and the Lenders, as amended from time to time (the “Credit Agreement”) and certain security documents entered into in connection with the Credit Agreement. The Eleventh Amendment, among other things, amended the "Applicable Margin" to improve the interest rate grid, improved the unused line fee pricing to 0.250% per annum, retroactive to July 1, 2015 (previously the fee was 0.375% per annum when availability was less than $50.0 million and 0.5% per annum when availability was at or over such amount), required each of DAS and CPI to be joined to the Credit Agreement as guarantors, required each of DAS, CPI and Star Properties Exchange, LLC, a Tennessee limited liability company, to pledge certain of its assets to Agent as security, contained conditional amendments to the Real Estate Amortization Amount and Real Estate Formula Amount with the intended effect (upon satisfaction of post-closing requirements) of increasing the borrowing base real estate sublimit and lowering the amortization of the real estate sublimit, made technical amendments to a variety of sections, including without limitation, permitted investments, permitted stock repurchases, permitted indebtedness, and permitted liens, consented to the purchase of the Company's headquarters, including related financing, and extended the maturity date from September 23, 2017 to September 23, 2018.

Covenant Transportation and its Subsidiaries Announce Amendments to its Credit Agreement with Bank of America

On September 8, 2014, Covenant Transportation Group, Inc., and its direct and indirect wholly owned subsidiaries, Covenant Transport, Inc. (CTI), CTG Leasing Company (CTGL), Southern Refrigerated Transport, Inc. (SRT), Covenant Asset Management, Inc. (CAM), Covenant Transport Solutions, Inc. (CTS), and Star Transportation, Inc. (collectively with CTI, CTGL, SRT, CAM, and CTS, the Borrowers), entered into a tenth amendment to third amended and restated credit agreement and related security documents with Bank of America, N.A., as agent, and JPMorgan Chase Bank, N.A., which amended that certain third amended and restated credit agreement, dated September 23, 2008, by and among the company, the borrowers, the agent, and the lenders, as amended from time to time and certain security documents entered into in connection with the credit agreement.

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