J.B. Hunt Transport Services Inc. said in a filing to the SEC that it received a three-year, $150 million revolving credit commitment from a bank group to replace its existing credit line.
The truckload carrier is currently authorized to borrow up to $165 million under its current revolving credit line. It had no balances outstanding on the line as of September 30.
In the filing, the company said it plans to have the new credit effective before the maturity of the current line.
The company also said that its liquid assets, cash generated from its secondary stock offering, cash generated from operations and revolving line of credit will be sufficient for operating and capital requirements for the foreseeable future.
J.B. Hunt Transport said it expects capital expenditures on revenue equipment for 2002 to be between $150 and $160 million. Its capital expenditures for the first nine months of the year were $123.5 million.
J.B. Hunt also said it received a $7 million judgment in October for an August 2001 accident. The filing did not give specifics of the accident, but it said the company was still in dispute over the total value of the judgment and plans to appeal.