Schneider National amends $150M receivables facility; replaces LIBOR with SOFR-based benchmark

Schneider National, Inc.

Amendment dated June 1, 2023; replaces one-month USD LIBOR with Adjusted Term SOFR (SOFR + 0.10% credit spread).
Facility limit remains $150 million; other material terms of the receivables purchase agreement unchanged.
Includes benchmark replacement provisions if Term SOFR is unavailable or ceases; also adopts conforming changes.
Parties: Schneider Receivables (seller), Schneider National (servicer), Wells Fargo (agent/L/C issuer), PNC Bank as purchaser.

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

Schneider National, Inc. amended 2023 Amendment with Wells Fargo Bank, N.A., as administrative agent and letter of credit issuer, and the purchasers party thereto valued at $150 million (effective 2023-06-01).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, N.A., as administrative agent and letter of credit issuer, and the purchasers party thereto
Value: $150 million
Effective: 2023-06-01

Exact text from the filing

On June 1, 2023, Schneider Receivables Corporation (the “Seller”), a wholly-owned subsidiary of Schneider National, Inc. (“Schneider”), entered into Amendment No. 4 (the “2023 Amendment”) to its Amended and Restated Receivables Purchase Agreement (as so amended, the “2023 Receivables Purchase Agreement”), among the Seller, as seller, Schneider, as the servicer, Wells Fargo Bank, N.A. (the “Administrative Agent”), as administrative agent and letter of credit issuer, and the purchasers party thereto, relating to the Seller’s $150 million secured accounts receivable facility.

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Source: SEC EDGAR

accession 0001692063-23-000115

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