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Get filing alertsLandstar refinances credit facility, extends maturity to 2031 with $300M capacity
Filed July 6, 2026 · Period ending June 30, 2026 · ~1 min read
Key Changes
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Entered new $300M revolving credit facility maturing June 30, 2031, with accordion feature allowing up to $500M in additional capacity. No borrowings outstanding at closing.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Agreement includes standard financial covenants requiring minimum interest coverage ratio and maximum net leverage ratio, tested quarterly.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Change-of-control provisions trigger default if any party acquires 35%+ of stock or gains power to elect majority of directors.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Landstar refinanced its existing credit facility with a new five-year revolving agreement that extends maturity from the prior facility to June 30, 2031. The facility provides $300 million in initial borrowing capacity with an uncommitted accordion feature allowing up to $500 million in additional increases, giving the company substantial liquidity headroom for working capital and strategic flexibility. The company had zero outstanding borrowings at closing, indicating the facility is positioned for liquidity management rather than immediate funding needs.
This is a routine refinancing that extends the company's credit runway and maintains financial flexibility. The agreement includes standard investment-grade covenants requiring quarterly testing of interest coverage and leverage ratios, along with typical change-of-control protections for lenders.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Show 2 minor / wording changes
Added in current filing · verify on EDGAR →
The Restated Credit Agreement contains a number of covenants that limit, among other things, the incurrence of additional indebtedness and the incurrence of operating or finance lease obligations. The Restated Credit Agreement also includes financial condition covenants requiring the Company to maintain a minimum interest coverage ratio and a maximum net leverage ratio, in each case, tested as of the last day of each fiscal quarter of the Company as further described in the Restated Credit Agreement.
The new credit agreement includes standard financial covenants requiring Landstar to maintain a minimum interest coverage ratio and maximum net leverage ratio, tested quarterly. The agreement also limits the company's ability to incur additional debt and operating or finance lease obligations. These covenants are typical for investment-grade credit facilities and provide lenders with protection while giving the company operational flexibility.
Added in current filing · verify on EDGAR →
The Restated Credit Agreement provides for an event of default in the event, among other things, that a person or group acquires 35% or more of the outstanding capital stock of the Company, obtains the power to elect a majority of the Company’s directors, or the directors cease to consist of a majority of Continuing Directors, as defined in the Restated Credit Agreement.
The credit agreement includes change-of-control protections that would trigger a default if any person or group acquires 35% or more of Landstar's stock, gains power to elect a majority of directors, or if continuing directors cease to constitute a board majority. These provisions protect lenders from material ownership or governance changes that could affect credit quality.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 10, 2026 · How we verify