SAIA INC (SAIA): debt financing — Saia enters new $300M unsecured revolver replacing secured facility, matures Feb 2028

The Credit Agreement provides for an unsecured revolving credit facility of up to $300 million, which the Company may draw upon from time to time. The Credit Agreement contains an accordion feature that allows the Company to increase the size of the facility by up to $150 million, subject to certain conditions, for a total borrowing capacity of up to $450 million. The Credit Agreement provides for the issuance of letters of credit. The proceeds of the loans may be used to finance working capital needs and for general corporate purposes. The Credit Agreement terminates, and all outstanding loans, if any, become due and payable on February 3, 2028. Borrowings under the Credit Agreement bear interest at the Company’s election at a variable rate equal to (a) one, three or six month term SOFR (the forward-looking secured overnight financing rate) plus 0.10%, or (b) an alternate base rate, in each case plus an applicable margin. The applicable margin will be between 1.00% and 1.75% per annum

Item 1.02 Termination of a Material Definitive Agreement As previously reported, the Company was party to that certain Sixth Amended and Restated Credit Agreement, dated February 5, 2019, by and among the Company, BOKF, NA dba Bank of Oklahoma, N.A., as Administrative Agent and Collateral Agent, and the banks named therein (the “Prior Credit Agreement”).

On February 3, 2023, Saia, Inc. (the “Company”), and certain of its subsidiaries, entered into a new credit agreement with JPMorgan Chase Bank, N.A. as Administrative agent, BOKF, NA as Syndication Agent, and the other lenders and agents party thereto (the “Credit Agreement”).