Key Developments For UTi Worldwide Inc.
UTi Worldwide Inc. (UTIW.O) (Nasdaq)
UTi Worldwide Inc. Declares Annual Dividend
UTi Worldwide Inc. announced that it has declared an annual cash dividend of $0.06 per share on the Company's ordinary shares, payable on October 23, 2009, to shareholders of record as of September 30, 2009.
UTi Worldwide Inc. Issues New Notes And Enters Into New Credit Facilities
UTi Worldwide Inc. announced that it has successfully replaced the company's existing $250 million credit facility due to expire on July 13, 2009 by issuing senior unsecured guaranteed notes and entering into agreements providing for new working capital and letter of credit facilities. The new senior unsecured guaranteed notes in the aggregate amount of $55 million, which were issued in a private placement to a limited number of institutional investors, bear a fixed rate of interest of 8.06% per annum and amortize in six equal payments beginning February 2012 through maturity in August 2014. The other terms of the notes are similar to those under the company's existing senior unsecured guaranteed notes due July 2011. The new letter of credit facilities include two separate two-year unsecured letter of credit facilities, one from ABN Amro Bank N.V. and one from Nedbank Limited, acting through its London Branch. These two facilities provide for up to an aggregate of $86 million in letters of credit to support UTi's global operations outside of South Africa. Under a third unsecured letter of credit facility, the Royal Bank of Scotland issued a letter of credit for approximately $44 million which matures on December 31, 2009 and is intended to facilitate the company's global cash management strategies. The South African credit facility includes a three-year 650 million South African rand (or +83 mately $83 million) working capital and letter of credit facility.
UTi Worldwide Inc. Announces Management Changes
UTi Worldwide Inc. announced that it has appointed Eric W. Kirchner as Chief Executive Officer (CEO), with an effective date expected on or about January 19, 2009. Mr. Kirchner succeeds Roger I. MacFarlane. Mr. MacFarlane, will serve in a transitional role through April 2009, at which time he will retire as an employee of the Company. Mr. MacFarlane will remain a member of the Board of Directors and will become the Company's Non-Executive Chairman effective on Mr. Kirchner's start date. Tiger Wessels, who currently holds such position, will continue to serve as a member of the Company's Board of Directors.
UTi Worldwide Inc. Declares Annual Dividend
UTi Worldwide Inc. announced that its Board of Directors has declared an annual cash dividend of $0.06 per share on the Company's ordinary shares, payable on May 21, 2008, to shareholders of record as of April 30, 2008.
UTi Worldwide Inc. To Cut 7% Of Workforce-DJ
Dow Jones reported that UTi Worldwide Inc. will cut 7% of its workforce and exit its retail distribution unit in Africa, part of a plan of several cost reduction measures intended to streamline operations and improve performance. The Company will also exit the surface distribution operation of its integrated logistics business and will scale back airfreight charters.
