Landstar Amends Credit Facility

Tags: Press Releases

December 17, 2001 Jacksonville, Florida (NASDAQ:LSTR) - Landstar System, Inc., a safety-first transportation and information services company, announced today it has signed a new senior credit facility and expects to close on the facility later this week. The senior credit facility is in the form of a revolving credit agreement in the amount of $175 million and expires in January 2005. The initial borrowing under the facility will be used to refinance the Company's existing senior credit facility, which will then be terminated. The Company expects that its initial borrowing under the new credit facility will bear interest at the rate of approximately 87.5 basis points over LIBOR.

This press release contains forward-looking statements, such as statements that relate to Landstar's business objectives, plans, strategies and expectations. The words "believe", "anticipate", "expect", "should", and similar expressions identify forward-looking statements. While made in good faith and with a reasonable basis based on information currently available to Landstar's management, there is no assurance that such opinions, beliefs or expectations will be achieved or accomplished. Various factors could cause actual results and events to vary significantly from those expressed in any forward-looking statement. Such types of statements are intended to be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The Company is under no obligation to update any forward-looking statement to the extent it becomes aware that it will not be achieved for any reason.