secwatch.observer — SEC 8-K summary
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Issuer:     FORWARD AIR CORP (FWRD)
CIK:        0000912728
Form:       8-K
Filed at:   2025-01-06T23:59:59+00:00
Accession:  0001628280-25-000462
Event type: other_material
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/912728/000162828025000462/0001628280-25-000462-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/912728/000162828025000462/fwrd-20241230.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-000462

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer