Business Context and Reporting Period
Company: Universal Truckload Services, Inc. (Note: Filing header references "Universal Logistics Holdings, Inc." but the registrant is Universal Truckload Services, Inc.)
Filing Type: Form 8-K (Current Report)
Date of Report: March 31, 2008
Event: Termination of a Material Definitive Agreement.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, or liquidity metrics. It specifically addresses a credit facility:
- Agreement Type: Loan Agreement with First Tennessee Bank National Association.
- Maximum Permitted Borrowings: $20.0 million (including letters of credit).
- Interest Rate: LIBOR plus 1.65%.
- Collateral: Unsecured.
- Outstanding Balance: $0 (No amounts were due under the agreement at termination).
Material Changes
The Company terminated its Loan Agreement with First Tennessee Bank National Association, originally dated November 28, 2006, effective March 31, 2008. The termination was executed without penalty. This action was taken because the Company completed its transition of banking activities to Key Bank.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of risks beyond the specific event of the banking transition. The document explicitly states that the information is furnished and not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the successful establishment of the new banking relationship with Key Bank.
- Confirm the terms of the new credit facility with Key Bank to ensure adequate liquidity coverage.
- Review subsequent filings for any financial impact related to the transition of banking services.