Schneider National, Inc. announced on September 10, 2026, that its subsidiary, Schneider National Leasing, Inc., entered into a new $350 million Credit Agreement (the 2026 Credit Facility). The agreement was executed among the Borrower, Schneider National, and certain other subsidiaries, as well as the participating lenders and JPMorgan Chase Bank, N.A., which serves as the Administrative Agent. The company simultaneously terminated its existing $250 million Credit Agreement dated November 4, 2022.
The new facility is set to mature on September 10, 2031, though the maturity date may be accelerated to November 22, 2029, under specific conditions. These conditions require the Borrower to either extend the maturity of a related Term Loan Agreement, refinance that loan with debt maturing on or after September 10, 2031, or repay the Term Loan Agreement in full prior to 91 days before November 22, 2029.
Under the terms of the 2026 Credit Facility, the Borrower has the option to request an increase in the total commitment by up to $350 million, potentially raising the total available commitment to $700 million. Additionally, the facility includes a sublimit of $100 million specifically for the issuance of letters of credit. Interest rates for loans under the facility are determined at the Borrower’s election, based on either the Alternate Base Rate or the Secured Overnight Financing Rate (SOFR), plus an applicable margin determined by the consolidated net debt coverage ratio.
The company also disclosed a First Amendment to the Term Loan Agreement dated November 22, 2024. This amendment modifies the representations, covenants, and other provisions of the existing term loan facility to align them with those of the new 2026 Credit Facility. The term loan facility referenced in the amendment is set to mature on November 22, 2029.
