Rush Enterprises amends floor plan credit agreements to replace LIBOR with Term SOFR

RUSH ENTERPRISES INC \TX\

Effective June 1, 2023, US floor plan credit agreement benchmark changed from LIBOR to Term SOFR plus 1.20%.
Canadian subsidiary's credit agreement also amended: USD advances now at Term SOFR plus 1.20% (or 3.20% for certain advances).
Existing LIBOR loans converted to Term SOFR loans on June 1, 2023; no new LIBOR loans permitted after that date.
Amendments executed with BMO Harris Bank as administrative agent and multiple lenders including PNC, Comerica, Wells Fargo.

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

RUSH ENTERPRISES INC \TX\ amended First Amendment to the Amended and Restated BMO Wholesale Financing and Security Agreement with Bank of Montreal ("BMO") (effective 2023-05-31).

Action: amendment
Agreement: credit facility
Counterparty: Bank of Montreal ("BMO")
Effective: 2023-05-31

Exact text from the filing

Effective May 31, 2023, Rush Truck Centres of Canada Limited (“RTC-Candada”), a subsidiary of the Company, entered into the First Amendment to the Amended and Restated BMO Wholesale Financing and Security Agreement (the “First RTC-Canada Floor Plan Amendment”) with Bank of Montreal (“BMO”), which amended that certain Amended and Restated BMO Wholesale Financing and Security Agreement, dated as of July 15, 2022, among RTC-Canada and BMO (the “RTC-Canada Floor Plan Credit Agreement”).

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

RUSH ENTERPRISES INC \TX\ amended First Amendment to Fifth Amended and Restated Credit Agreement with Lenders signatory thereto and BMO Harris Bank N.A., as administrative agent and collateral agent for the Lenders (effective 2023-05-31).

Action: amendment
Agreement: credit facility
Counterparty: Lenders signatory thereto and BMO Harris Bank N.A., as administrative agent and collateral agent for the Lenders
Effective: 2023-05-31

Exact text from the filing

Effective May 31, 2023, Rush Enterprises, Inc. (the “Company”) and certain of its subsidiaries (the Company and such subsidiaries collectively, “Rush”) entered into the First Amendment to Fifth Amended and Restated Credit Agreement (the “First Rush Floor Plan Amendment”) with the Lenders signatory thereto (the “Lenders”) and BMO Harris Bank N.A., as administrative agent and collateral agent for the Lenders (the “Administrative Agent”), which amended that certain Fifth Amended and Restated Credit Agreement, dated as of September 14, 2021, among Rush, the Lenders and Administrative Agent (the “Rush Floor Plan Credit Agreement”).

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RUSH ENTERPRISES INC \TX\ filing history →

Source: SEC EDGAR

accession 0001437749-23-016766

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