---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-004991"
form_type: "8-K"
ticker: "FWRD"
cik: "0000912728"
company_name: "FORWARD AIR CORP"
filed_at: "2024-02-15T23:59:59+00:00"
generated_at: "2026-06-06T01:51:58.962766+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-24-004991
- form_type: 8-K
- ticker: FWRD
- cik: 0000912728
- company_name: FORWARD AIR CORP
- filed_at: 2024-02-15T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/912728/000162828024004991/0001628280-24-004991-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/912728/000162828024004991/fwrd-20240212.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-004991
- JSON: https://secwatch.observer/filing/0001628280-24-004991.json
- Plain text: https://secwatch.observer/filing/0001628280-24-004991.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/912728/000162828024004991/0001628280-24-004991-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.