Forward Air subsidiary amends credit agreement; covenant eased to 6.00x, revolver cut to $340M, $80M term loan repaid.

FORWARD AIR CORP

Amendment No. 2 temporarily increases max consolidated first lien net leverage ratio to 6.00x for Q2/Q3 2024, stepping down to 4.50x by Q3 2025.
Revolving credit commitments reduced from $400M to $340M, a $60M reduction.
Borrower Clue Opco repaid $80M aggregate principal amount of term B loans prior to amendment closing.
New covenant restricts restricted payments unless pro forma total net leverage ratio below 3.20x.

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

FORWARD AIR CORP amended Amendment No. 2 with Citibank, N.A., as administrative agent and collateral agent valued at $400,000,000 to an aggregate principal amount of $340,000,000 (effective 2024-02-12).

Action: amendment
Agreement: credit facility
Counterparty: Citibank, N.A., as administrative agent and collateral agent
Value: $400,000,000 to an aggregate principal amount of $340,000,000
Effective: 2024-02-12

Exact text from the filing

On February 12, 2024, Clue Opco LLC (“Opco”), a subsidiary of Forward Air Corporation, the revolving lenders party thereto and Citibank, N.A., as administrative agent and collateral agent (the “Agent”), entered into Amendment No. 2 (“Amendment No. 2”) to that certain Credit Agreement, dated as of December 19, 2023 (as amended, supplemented or otherwise modified prior to the date of Amendment No. 2, the “Credit Agreement”).

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Source: SEC EDGAR

accession 0001628280-24-004991

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