U.S. Xpress Secures $200 Million in New Financing

CHATTANOOGA, Tenn. (October 14, 2004) - U.S. Xpress Enterprises, Inc. (NASDAQ/NM: XPRSA) announced today that it has closed two separate $100 million credit facilities that are expected to reduce the Company`s borrowing costs and significantly expand the Company`s liquidity. Proceeds of the new credit facilities will be used to repay existing debt and for other general corporate purposes.

One facility is a $100 million five-year, senior secured revolving credit facility, which replaces an existing $100 million line that was set to mature in March 2007. The new facility is secured by revenue equipment and certain other assets and currently bears interest at the rate of 125 basis points over LIBOR. SunTrust Capital Markets, Inc. served as lead arranger and book manager. SunTrust Bank will act as administrative agent, LaSalle Bank, N.A. acted as documentation agent, and Fleet National Bank (a wholly owned subsidiary of Bank of America Corporation) acted as syndication agent, BB&T, National City Bank and Regions Bank participated in the facility.

The other facility is a $100 million accounts receivable securitization, which is renewable annually and bears interest at the rates based off commercial paper. The securitization facility will be reflected as short-term borrowing on the Company`s balance sheet because of the annual renewal. SunTrust Robinson Humphrey Capital Markets arranged the securitization, Three Pillars Funding, LLC, a SunTrust affiliate, funded the transaction, and SunTrust Bank provided the transaction specific liquidity facility that supported the receivables purchase.

Patrick Quinn, Co-Chairman, stated, "By continuing to execute our operating plan and improve our financial results and cash flow, we were able to significantly improve our borrowing capacity and terms. With these new facilities, we gain a significant measure of flexibility and liquidity in our capital structure to better execute our growth plans. We have enjoyed a strong partnership with our lenders and are pleased with their support and confidence in U.S. Xpress."