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Get filing alertsSchneider National replaces $250M credit facility with new $350M revolver, amends term loan
Filed September 16, 2026 · Period ending September 10, 2026 · ~1 min read
Key Changes
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Schneider National Leasing entered a new $350 million revolving credit facility with JPMorgan Chase as administrative agent, replacing the prior $250 million agreement.
Item 1.01 verify on EDGAR → -
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The new facility matures September 10, 2031, but may accelerate to November 22, 2029 if the term loan is not extended, refinanced, or repaid by a specified date.
Item 1.01 verify on EDGAR → -
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The facility includes an accordion feature allowing total commitments to increase by up to $350 million, to a potential $700 million.
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Borrowings bear interest at Alternate Base Rate or term SOFR plus a margin tied to the consolidated net debt coverage ratio.
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The existing credit facility was terminated effective September 10, 2026, with no outstanding borrowings at termination.
Item 1.02 verify on EDGAR →
Summary
Schneider National replaced its existing $250 million credit facility with a new $350 million revolving credit facility, increasing available capacity by $100 million. The new facility matures in 2031, but that maturity could pull forward to 2029 if the company does not extend, refinance, or repay its term loan by a specified date. The company also amended its term loan agreement to conform its terms to the new facility.
For retail holders, this is a routine refinancing that modestly expands liquidity and aligns debt covenants. The termination of the old facility occurred with no outstanding borrowings, so there is no immediate impact on leverage. The accordion feature provides flexibility for future borrowing needs.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
ITEM 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 of this Current Report on Form 8-K relating to the 2026 Credit Facility is incorporated herein by reference.
The 8-K includes a labeled Item 2.03 section. Its body incorporates the primary Item (typically 1.01) by reference rather than restating terms — do not treat that thinness as 'Item 2.03 absent.' The company is signaling creation of a direct financial obligation alongside the agreement disclosure; keep Item 2.03 visible in the report.
Event · Item 1.02 — Termination of a Material Definitive Agreement
Item 1.02 — Termination of a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Effective September 10, 2026, the Existing Credit Facility was terminated. At the time of termination, there were no outstanding borrowings.
The company terminated its existing credit facility on September 10, 2026. At the time of termination, there were no outstanding borrowings under the facility, meaning the company had no debt drawn against it. The filing references Item 1.01 for details on the facility, but this section confirms the termination and clean balance.
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.
Added in current filing · verify on EDGAR →
entered into a $350 million Credit Agreement (the “2026 Credit Facility”) among the Borrower, Schneider, and certain other subsidiaries of Schneider (as guarantors), the lenders party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as Administrative Agent and terminated its existing $250 million Credit Agreement dated as of November 4, 2022 (the “Existing Credit Facility”).
Schneider National Leasing, Inc., a wholly-owned subsidiary of Schneider National, Inc., entered into a new $350 million revolving credit facility with JPMorgan Chase as administrative agent. The new facility replaces the existing $250 million credit agreement dated November 4, 2022, which was terminated. This increases the company's available revolving credit capacity by $100 million.
Added in current filing · verify on EDGAR →
Loans made under the 2026 Credit Facility bear interest, at the Borrower’s election, at a rate per annum equal to (i) the Alternate Base Rate or (ii) the forward-looking term Secured Overnight Financing Rate (SOFR) published by CME Group Benchmark Administration Limited for the selected interest period, plus, in each case, an applicable margin based on the consolidated net debt coverage ratio as of the end of each fiscal quarter.
Borrowings under the new facility will bear interest at either the Alternate Base Rate or term SOFR, plus a margin that varies based on the company's consolidated net debt coverage ratio. The Alternate Base Rate is defined as the highest of the Prime Rate, the federal funds effective rate plus 0.50%, or the one-month Term SOFR rate plus 1.00%.
Added in current filing · verify on EDGAR →
On September 10, 2026, the Borrower, a wholly-owned subsidiary of Schneider, entered into a First Amendment to Credit Agreement (the “First Amendment to Term Loan Agreement”), which amends the Borrower’s Credit Agreement, dated as of November 22, 2024 (the “Term Loan Agreement”), among the Borrower, Schneider, and certain of Schneider’s subsidiaries identified from time to time in the Term Loan Agreement, as guarantors, the lenders party thereto, and Bank of America, N.A., as Administrative Agent, relating to the Borrower’s unsecured term loan facility that will mature on November 22, 2029.
The company also amended its existing term loan agreement dated November 22, 2024, which matures on November 22, 2029. The amendment conforms the term loan's representations, covenants, and other provisions to those in the new 2026 Credit Facility. This creates consistency across the company's debt agreements.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 17, 2026 · How we verify