Saia Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Item 1.01 |
Entry into a Material Definitive Agreement |
On December 9, 2024, Saia, Inc. (the “Company”), and certain of its subsidiaries, entered into an amendment (“Amendment No. 2”) to its credit agreement dated February 3, 2023, with JPMorgan Chase, N.A. as Administrative Agent, and the other lenders and agents party thereto, as previously amended by Amendment No. 1, dated as of October 31, 2023 (collectively, the “Credit Agreement”).
Amendment No. 2 increases commitments under the Credit Agreement by $300 million to an aggregate commitment of $600 million and expands the accordion feature, subject to certain conditions and availability of lender commitments, from $150 million to $300 million. Amendment No. 2 also extends the maturity date of the Credit Agreement from February 3, 2028, to December 9, 2029.
Borrowings under the Credit Agreement bear interest at the Company’s election at a variable rate equal to (a) one, three or six month term SOFR (the forward-looking secured overnight financing rate) plus 0.10%, or (b) an alternate base rate, in each case plus an applicable margin. Amendment No. 2 adjusts the applicable margin such that the applicable margin is now between 1.25% and 2.00% per annum for term SOFR loans and between 0.25% and 1.00% per annum for alternate base rate loans, in each case based on the Company’s consolidated net lease adjusted leverage ratio. Amendment No. 2 also modifies the fees that the Company accrues based on the daily unused portion of the credit facility, which will now range between 0.175% and 0.30% based on the Company’s consolidated net lease adjusted leverage ratio.
The foregoing description of Amendment No. 2 to the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the amendment, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 |
Financial Statements and Exhibits |
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10.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SAIA, INC. |
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Date: December 10, 2024 |
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/s/ Kelly W. Benton |
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Kelly W. Benton |
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Vice President and Chief Accounting Officer (Principal Accounting Officer) |