secwatch.observer — SEC 8-K summary
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Issuer:     FORWARD AIR CORP (FWRD)
CIK:        0000912728
Form:       8-K
Filed at:   2024-02-15T23:59:59+00:00
Accession:  0001628280-24-004991
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/912728/000162828024004991/0001628280-24-004991-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/912728/000162828024004991/fwrd-20240212.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-004991

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