Shyft Group reduces revolving credit facility from $400M to $300M; margins increased

SHYFT GROUP, INC.

Revolving credit commitments cut from $400M to $300M across four lenders.
Applicable margin for term SOFR and base rate loans increased under the amendment.
Maximum leverage ratio temporarily raised; debt calculation adjusted for leverage test.
Consent fee of 0.10% of each consenting lender's commitment paid as of the effective date.
Amendment dated March 27, 2024, with Wells Fargo, JPMorgan, PNC, and Bank of America.

Key facts

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

SHYFT GROUP, INC. amended Second Amendment to Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., PNC Bank, National Association and Bank of America, N.A. (effective 2024-03-27).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., PNC Bank, National Association and Bank of America, N.A.
Effective: 2024-03-27

Exact text from the filing

On March 27, 2024, The Shyft Group, Inc. (“Shyft”), The Shyft Group Services, LLC, The Shyft Group USA, Inc. and Royal Truck Body LLC, each acting as borrowers, and certain other subsidiaries of Shyft, each acting as guarantors, entered into the Second Amendment to Amended and Restated Credit Agreement (the “Credit Agreement Amendment”).

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Source: SEC EDGAR

accession 0001437749-24-010088

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