Forward Air announces strategic review, amends credit agreement; reaffirms FY2024 guidance

FORWARD AIR CORP

Board of Directors launches review of strategic alternatives to maximize shareholder value.
Credit agreement amended: max consolidated first lien net leverage ratio raised to 6.75:1.00 through Sep 2025, stepping down to 5.50:1.00.
Revolving credit commitments reduced from $340M to $300M; could further drop $50M if leverage exceeds 6.50x unless $50M prepayment made.
Anti-cash hoarding covenant requires prepayment if unrestricted cash exceeds $120M per month through Dec 2026.
Reaffirms previously issued FY2024 financial guidance (no specific numbers provided).

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