Knight-Swift Transportation Holdings Inc. (KNX): debt financing — Knight-Swift enters $250M unsecured term loan to fund U.S. Xpress acquisition

Knight-Swift Transportation Holdings Inc.

Knight-Swift entered a $250M unsecured term loan on June 22, 2023, to fund its acquisition of U.S. Xpress Enterprises.
Loan matures Sept 3, 2026; interest rate at SOFR + 0.10% + 1.375% (leverage-based grid); no scheduled principal payments.
Agreement automatically terminates on Dec 20, 2023, if the U.S. Xpress acquisition is not consummated.
Lenders include Bank of America, PNC Bank, and Wells Fargo; terms similar to existing $2.3B credit facility.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Knight-Swift Transportation Holdings Inc. incurred term loan of $250 million with Bank of America, N.A. as Administrative Agent; PNC Bank National Association and Wells Fargo Bank, National Association as Lenders and Co-Syndication Agents at SOFR plus the 0.10% SOFR adjustment plus 1.375% maturing September 3, 2026.

Instrument: term loan
Principal: $250 million
Counterparty: Bank of America, N.A. as Administrative Agent; PNC Bank National Association and Wells Fargo Bank, National Association as Lenders and Co-Syndication Agents
Rate: SOFR plus the 0.10% SOFR adjustment plus 1.375%
Maturity: September 3, 2026
Event: incurrence

Exact text from the filing

On June 22, 2023 (the "Closing Date"), Knight-Swift Transportation Holdings Inc. (the "Company") entered into a $250 million unsecured credit facility with the lenders thereto, Bank of America, N.A. as Administrative Agent and PNC Bank National Association and Wells Fargo Bank, National Association as Lenders and Co-Syndication Agents (the "2023 Term Loan Agreement").

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Knight-Swift Transportation Holdings Inc. entered into 2023 Term Loan Agreement with Bank of America, N.A. as Administrative Agent and PNC Bank National Association and Wells Fargo Bank, National Association as Lenders and Co-Syndication Agents valued at $250 million (effective 2023-06-22).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A. as Administrative Agent and PNC Bank National Association and Wells Fargo Bank, National Association as Lenders and Co-Syndication Agents
Value: $250 million
Effective: 2023-06-22

Exact text from the filing

On June 22, 2023 (the "Closing Date"), Knight-Swift Transportation Holdings Inc. (the "Company") entered into a $250 million unsecured credit facility with the lenders thereto, Bank of America, N.A. as Administrative Agent and PNC Bank National Association and Wells Fargo Bank, National Association as Lenders and Co-Syndication Agents (the "2023 Term Loan Agreement").

View on SEC.gov

102 debt financings filed in the last 30 days. Browse all debt financings →

Knight-Swift Transportation Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001492691-23-000058

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