Fleet Capital Provides $55 Million to the Celadon Group

    INDIANAPOLIS--Sept. 30, 2002--Fleet Capital Corporation, one of the nation's largest asset-based lenders, announced today that it provided a $55 million asset- based credit facility to the Celadon Group, Inc., , a leading provider and arranger of long-haul, time-sensitive truckload transport services. The facility will be used to finance existing debt and provide for ongoing working capital and letter of credit requirements.
    "We've worked very hard to enhance operating performance and customer relationships while pursuing innovative transportation ideas," said Paul Will, Celadon Group chief financial officer. "This credit facility from Fleet Capital will help give us the flexible financing we need to implement our growth strategy, including selective opportunistic acquisitions."
    "We're pleased to provide this credit facility to Celadon, a company with an experienced management team and a great franchise," said Fleet Capital Senior Vice President John Roberts. "We're impressed with the way the company is actively addressing its operating challenges and pursuing business opportunities."
    Founded in 1985, Indianapolis-based Celadon is one of the ten largest truckload carriers in the U.S. and the largest transporter of truckload freight between the United States, Canada and Mexico. The Company provides its customers with long-haul time-sensitive transportation utilizing a network of tractors. Celadon serves a diverse set of industries including automotive, technology, industrial equipment, textiles, retail, and furniture. For more information about Celadon, visit www.celadontrucking.com.
    Fleet Capital Corporation, which has more than 20 offices located throughout the United States, provides asset-based loans and a broad array of capital markets products to domestic middle-market companies and their foreign subsidiaries. Fleet Capital is part of FleetBoston Financial Corporation, the nation's seventh largest financial holding company with approximately $191 billion in assets. FleetBoston Financial offers a comprehensive array of innovative financial solutions to 20 million customers. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange and the Boston Stock Exchange (BSE: FBF). For more information about Fleet Capital, visit www.fleetcapital.com.