GXO Logistics amends credit agreement to replace LIBOR with SOFR rates

GXO Logistics, Inc.

Amendment replaces LIBOR-based benchmark rates with SOFR-based rates in $800M revolving credit facility.
No change to total commitment amount, maturity, or pricing; purely a benchmark transition.
Amendment executed March 9, 2023, with all lenders and Citibank as administrative agent.
Existing LIBOR-based loans continue until current interest period ends, then convert to SOFR or base rate.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GXO Logistics, Inc. amended Amendment No. 1 to Credit Agreement with Citibank, N.A., as administrative agent (effective 2023-03-09).

Action: amendment
Agreement: credit facility
Counterparty: Citibank, N.A., as administrative agent
Effective: 2023-03-09

Exact text from the filing

On March 9, 2023, GXO Logistics, Inc. (the “Company”) entered into Amendment No. 1 to Credit Agreement (the “Amendment”) to its Credit Agreement, dated as of June 23, 2021, by and among the Company, the lenders and other parties from time to time party thereto and Citibank, N.A., as administrative agent (the “Revolving Credit Agreement”).

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Source: SEC EDGAR

accession 0001104659-23-031168

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