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Get filing alertsTrinity Industries refinances credit facility with new $600M revolver maturing 2031
Filed June 16, 2026 · Period ending June 12, 2026 · ~1 min read
Key Changes
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Trinity replaced its existing credit agreement with a new $600M unsecured revolving facility maturing June 2031, expandable to $900M. Maturity accelerates to April 2028 if the company's 7.75% senior notes due 2028 aren't repaid by then.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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The new facility carries SOFR-based variable rates plus a 1.50% margin tied to leverage ratios, with a 0.20% commitment fee on unused capacity. Five major subsidiaries guarantee the obligations.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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The credit agreement includes financial covenants requiring minimum interest coverage for leasing and manufacturing operations plus maximum net leverage limits, consistent with the prior facility.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Trinity terminated its prior credit agreement in connection with entering the new facility, as disclosed under Item 1.02 with details cross-referenced to Item 1.01.
Item 1.02 — Termination of a Material Definitive Agreement verify on EDGAR →
Summary
Trinity Industries refinanced its primary credit facility on June 12, 2026, replacing the existing agreement with a new $600 million unsecured revolving line of credit. The facility matures in June 2031 but includes a notable contingency: if Trinity's 7.75% senior notes due 2028 remain outstanding past April 15, 2028, the credit facility matures early.
This structure effectively requires Trinity to refinance or repay those notes within the next two years to maintain full access to the revolving facility through 2031. For retail investors, this is a routine refinancing that maintains Trinity's liquidity position while updating terms to current market conditions.
The $600 million capacity (expandable to $900 million) provides operational flexibility for a company with both leasing and manufacturing operations. The SOFR-based pricing at 1.50% margin reflects Trinity's current credit profile. The key item to monitor is Trinity's handling of the 2028 senior notes over the next 18-24 months. Successfully refinancing or repaying those notes before the April 2028 deadline will preserve the full five-year term of this new credit facility. Any difficulty addressing the 2028 notes could trigger the early maturity provision and require Trinity to renegotiate its primary credit facility sooner than planned.
Section-by-Section Diff
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 →
Item 1.02 Termination of a Material Definitive Agreement.
The information set forth in Item 1.01 is incorporated by reference herein.
The company disclosed the termination of a material definitive agreement under Item 1.02. The filing cross-references Item 1.01 for details, but that section is not included in the provided excerpt, preventing assessment of the specific agreement terminated or the circumstances.
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 →
On June 12, 2026, Trinity Industries, Inc., a Delaware corporation (the “Company”), entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”), by and among the Company, as borrower, the lenders party thereto (the “Lenders”), JPMorgan Chase Bank, N. A., as administrative agent, Bank of America, N.A., Truist Bank, and Wells Fargo Bank, N.A., as co-syndication agents, and Regions Bank and PNC Bank, National Association, as co-documentation agents.
Trinity Industries replaced its existing credit agreement with a new Third Amended and Restated Credit Agreement. The new facility provides $600 million in unsecured revolving credit with JPMorgan Chase as administrative agent and multiple co-syndication and co-documentation agents. This refinancing updates the company's primary credit facility structure.
Added in current filing · verify on EDGAR →
The Credit Agreement provides for a $600.0 million unsecured revolving line of credit with a maturity date of the earlier of (i) June 12, 2031, or (ii) April 15, 2028, if the Company’s 7.750% senior notes due 2028 have not been repaid in full by that date. The Company may also increase the amount of the commitments under the Credit Agreement by an aggregate amount not to exceed $300.0 million, subject to certain customary conditions.
The new credit facility has a five-year maturity to June 2031, but includes an earlier maturity trigger if the company's 7.750% senior notes due 2028 remain outstanding past April 15, 2028. The facility can be expanded by up to $300 million, bringing potential total capacity to $900 million. This structure ties the credit facility's availability to the company's ability to refinance or repay its 2028 senior notes.
Added in current filing · verify on EDGAR →
The interest rate on borrowings under the facility is a variable rate per annum based on, at the Company’s option, either a term rate based on the Secured Overnight Financing Rate or the Canadian Overnight Repo Rate Average, as applicable, or an alternate U.S. dollar base rate, in each case, plus an applicable margin determined at the time of the borrowing based on the Company’s leverage (as measured by a consolidated total net indebtedness to consolidated EBITDA ratio (“Leverage Ratio”)). The applicable margin is initially set at 1.50% per annum. A commitment fee will accrue on the daily unused portion of the revolving facility at the rate of 0.175% to 0.30% per annum, based on the Company’s Leverage Ratio and is initially set at 0.20%.
Borrowing rates are based on SOFR or Canadian overnight rates plus a leverage-based margin starting at 1.50%. The company also pays a commitment fee of 0.20% on unused capacity, which can range from 0.175% to 0.30% depending on leverage. These pricing terms reflect current market conditions and the company's credit profile.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 17, 2026 · How we verify