Marten Transport has renewed a credit line from U.S. Bank for up to $30 million as the TL carrier continues to invest in expanding its network.
The agreement extends a longstanding revolver, according to an Aug. 16 securities filing. The North American transportation provider has had credit agreements with the bank for decades, and the five-year renewal replaces the existing one, which was currently for up to $30 million and slated to mature in August 2023.
The TL carrier stated in its Aug. 8 earnings report that it plans to spend $128 million in capital expenditures for the rest of 2022, noting ongoing needs for new tractors and trailers.
That included a plan to spend $42 million on equipment and $10 million on construction in 2022. The company also forecasted equipment expenses of $22 million for 2023 and $13 million in 2024.
The expenses will go to a network that’s grown significantly over the years. In its annual report, the business noted that its number of facilities jumped from five to 15 across the U.S. since 2009. It also added to its Mexico business starting in February by adding dry van between the country and the U.S.
As of Aug. 8, Marten had $68 million in cash and cash equivalents, per its Q2 earnings statement.