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Quotes & Info
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| JBHT > SEC Filings for JBHT > Form 8-K on 1-Jul-2009 | All Recent SEC Filings |
1-Jul-2009
Termination of a Material Definitive Agreement
On June 29, 2009, we terminated a $75 million accounts receivable securitization facility by dissolving a wholly owned subsidiary called JBH Receivables LLC (JBR). JBR was formed in July 2006 as a new wholly owned subsidiary, which functioned as a bankruptcy remote entity associated with the accounts receivable securitization facility with an initial $200 million credit limit.
We utilized this accounts receivable securitization facility and JBR during the periods of July 2006 through June 2009 to pay off and cancel a bridge loan and to pay down the outstanding balance on a bank line of credit. Additional proceeds from this accounts receivable facility were used to repurchase shares of our stock, capital expenditures, working capital and other general corporate activities. We amended the credit limit of this facility from time to time and reduced the limit from $225 million to $75 million in June 2008. Based on current and forecasted cash flows, we have determined that the accounts receivable securitization program and JBR are no longer required. We were in full compliance with all financial covenants applicable to this agreement over the life of the program and at termination.
A copy of the Consent of The Member and Managers to dissolve JBR and terminate the accounts receivable securitization program is filed as Exhibit 10.1 to this current report on Form 8-K.
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