Forward Air subsidiary secures $1.125B term loan to finance Omni merger, placed in escrow

FORWARD AIR CORP

GN Loanco, LLC obtained $1.125B senior secured term B loans from Citibank; mature Dec 19, 2030.
Proceeds deposited into escrow; will fund cash consideration and refinance debt if merger closes.
Interest at SOFR + 4.50% or base rate + 3.50%; 1% annual amortization after merger close.
If merger not closed by Feb 12, 2024 or terminated, loans subject to special mandatory prepayment.
Merger (announced Aug 10, 2023) remains subject to ongoing legal proceedings in TN and DE.

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