Knight-Swift Transportation Holdings Inc. (KNX): debt financing — Knight-Swift replaces $2.3B revolver and $250M term loan with $2.5B facility

Knight-Swift Transportation Holdings Inc.

New $2.5B unsecured credit facility includes a $1.5B revolver (drawn $672M at closing), $700M Term Loan A-1, and $300M Term Loan A-2.
Proceeds paid off $312M revolver, $760M term loan under 2021 agreement and $250M 2023 term loan, plus fees.
Interest rates: SOFR+1.55% for revolver and A-1; SOFR+1.425% for A-2; no scheduled principal on revolver or A-2 until maturity.
Term Loan A-1 matures 2030 with quarterly payments starting Sep 2028; A-2 matures Jan 2027; revolver matures Jul 2030.
Financial covenants include max consolidated net leverage ratio and min interest coverage ratio, similar to prior 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 $300.0 million with Bank of America, N.A. as Administrative Agent, Swingline Lender, and Issuing Lender and PNC Capital Markets, LLC and Wells Fargo Bank, National Association as Co-Syndication Agents at SOFR plus 1.425% maturing January 8, 2027.

Instrument: term loan
Principal: $300.0 million
Counterparty: Bank of America, N.A. as Administrative Agent, Swingline Lender, and Issuing Lender and PNC Capital Markets, LLC and Wells Fargo Bank, National Association as Co-Syndication Agents
Rate: SOFR plus 1.425%
Maturity: January 8, 2027
Event: incurrence

Exact text from the filing

(the "Company") entered into a $2.5 billion unsecured credit facility with the lenders thereto, Bank of America, N.A. as Administrative Agent, Swingline Lender, and Issuing Lender and PNC Capital Markets, LLC and Wells Fargo Bank, National Association as Co-Syndication Agents (the "2025 Debt Agreement"), replacing the Company's previous $2.3 billion unsecured credit facility (the "2021 Debt Agreement") and the Company’s previous $250 million unsecured term loan (the “2023 Term Loan”).

View on SEC.gov

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

Knight-Swift Transportation Holdings Inc. incurred term loan of $700.0 million with Bank of America, N.A. as Administrative Agent, Swingline Lender, and Issuing Lender and PNC Capital Markets, LLC and Wells Fargo Bank, National Association as Co-Syndication Agents at SOFR plus 1.55% maturing July 8, 2030.

Instrument: term loan
Principal: $700.0 million
Counterparty: Bank of America, N.A. as Administrative Agent, Swingline Lender, and Issuing Lender and PNC Capital Markets, LLC and Wells Fargo Bank, National Association as Co-Syndication Agents
Rate: SOFR plus 1.55%
Maturity: July 8, 2030
Event: incurrence

Exact text from the filing

(the "Company") entered into a $2.5 billion unsecured credit facility with the lenders thereto, Bank of America, N.A. as Administrative Agent, Swingline Lender, and Issuing Lender and PNC Capital Markets, LLC and Wells Fargo Bank, National Association as Co-Syndication Agents (the "2025 Debt Agreement"), replacing the Company's previous $2.3 billion unsecured credit facility (the "2021 Debt Agreement") and the Company’s previous $250 million unsecured term loan (the “2023 Term Loan”).

View on SEC.gov

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

Knight-Swift Transportation Holdings Inc. incurred revolving credit of $1.5 billion with Bank of America, N.A. as Administrative Agent, Swingline Lender, and Issuing Lender and PNC Capital Markets, LLC and Wells Fargo Bank, National Association as Co-Syndication Agents at SOFR plus 1.55% maturing July 8, 2030.

Instrument: revolving credit
Principal: $1.5 billion
Counterparty: Bank of America, N.A. as Administrative Agent, Swingline Lender, and Issuing Lender and PNC Capital Markets, LLC and Wells Fargo Bank, National Association as Co-Syndication Agents
Rate: SOFR plus 1.55%
Maturity: July 8, 2030
Event: incurrence

Exact text from the filing

The 2025 Debt Agreement includes the following facilities: • $1.5 billion revolving line of credit (the "2025 Revolver"), $672.0 million of which was drawn upon the Closing Date, maturing July 8, 2030

View on SEC.gov

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Knight-Swift Transportation Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001492691-25-000051

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