Universal Trailer Corporation announced that it has entered into a new five-year revolving credit facility with Wells Fargo Bank. Following the financing, Universal Trailer (UTC) will have approximately $5 million of total debt, providing ample financial flexibility to build on its double-digit growth in 2011.
The agreement provides UTC with "the financial flexibility necessary to execute the company's long-term strategic plan to develop innovative new products and further support our growing dealer network and community of customers," Universal Trailer CEO Terry Carlson said.
"We are excited to enter into this agreement with Wells Fargo and look forward to a long term relationship," Carlson said. "This gives UTC the right capital structure to achieve continued growth and profitability."
In addition to their extensive line of consumer trailers, UTC brands further advanced their work in the medical, communications, sports, marketing and other specialty industries in 2011. One of their projects was completed recently for Polaris Racing.
UTC markets through a network of over 1,000 dealers under brands such as Featherlite, Exiss, Sooner, Haulmark, Wells Cargo and Miley.