Universal Truckload Services, Inc. and First Tennessee Bank National Association entered into a Loan Agreement dated November 28, 2006 for the period November 28, 2006 to May 31, 2008. The previous Loan Agreement with First Tennessee Bank National Association, dated March 2002 and further amended at various times, has been terminated due to the expiration of its term.
Under the agreement, the unsecured line of credit has maximum permitted borrowings of $20 million and bears interest at a rate equal to LIBOR plus 1.65%. The agreement contains various financial and restrictive covenants to be maintained by us that include a requirement to maintain a tangible net worth of at least $85 million and a ratio of total liabilities to tangible net worth ratio not to exceed 1 to 1.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
| (d) | Exhibits |
| Exhibit No. | Description | |
| 10.1 | Loan Agreement between Universal Truckload Services, Inc. and First Tennessee Bank National Association, dated November 28, 2006. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| UNIVERSAL TRUCKLOAD SERVICES, INC. | ||
| Date: December 1, 2006 | /s/ Robert E. Sigler | |
| Robert E. Sigler | ||
| Vice President, Chief Financial Officer, Secretary and Treasurer | ||
