IRVING, Texas--(BUSINESS WIRE)--Neovia Logistics, LP, a leading third-party logistics company, announced earlier today the successful completion of the previously announced private offer by its direct parent, Neovia Logistics Intermediate Holdings, LP and Neovia Logistics Intermediate Finance Corporation.
In pursuing the note exchange, the company achieved debt reduction of more than $46 million primarily due to a cash infusion by its investors and extended the maturity of its unsecured notes from 2018 to 2020.
“The successful completion of the exchange offer and equity infusion by our owners represent a strong vote of confidence by Neovia’s shareholders and creditors,” said Pat Olney, Chief Executive Officer of Neovia. “As we enter our fifth year as a standalone company, these moves will position us for continued growth and success. We are happy to have this transaction behind us so that we can continue to focus on providing value to our customers.”
About Neovia Logistics
Neovia is a global non-asset based provider of service parts logistics, offering customized solutions to assist our clients in designing, managing and optimizing their supply chains. Neovia provides fully integrated supply chain solutions to approximately 55 large and mid-sized clients, primarily in the automotive and industrial service parts industries. Through these services, and its proprietary advanced information systems, it is able to provide our clients with tailored solutions that improve efficiency, reliability and control throughout their supply chains. Service parts logistics addresses the need for replacement aftermarket parts for automobiles, industrial machinery, infrastructure, plants and equipment. Specifically, once finished goods are produced by an original equipment manufacturer, service parts logistics helps dealers, intermediaries and end-customers acquire parts for immediate use or to replenish inventory levels.