Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when WERN files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsWerner Enterprises replaces $1.075B credit facility with new $1.1B unsecured facility maturing 2031
Filed October 8, 2026 · Period ending October 5, 2026 · ~1 min read
Key Changes
-
high
Entered into a new $1.1 billion unsecured credit facility maturing October 5, 2031, replacing the prior $1.075 billion facility from December 2022.
Item 1.01 verify on EDGAR → -
high
Borrowed $465 million on the new facility at a weighted average rate of 5.54% (SOFR + 1.50% margin).
Item 1.01 verify on EDGAR → -
high
Total outstanding debt is $840 million, with $603.1 million remaining borrowing capacity after $31.9 million in letters of credit.
Item 1.01 verify on EDGAR → -
medium
Paid off and terminated the 2022 Credit Agreement, which had $428 million outstanding and was scheduled to mature December 20, 2027.
Item 1.02 verify on EDGAR → -
medium
Eliminated the 0.10% credit adjustment spread on SOFR borrowings that existed under the prior agreement.
Item 1.01 verify on EDGAR →
Summary
Werner Enterprises refinanced its credit facility, replacing a $1.075 billion agreement with a new $1.1 billion unsecured facility that matures in 2031. The company drew $465 million at a weighted average rate of 5.54%, which reflects SOFR plus a 1.50% margin.
The new agreement removes a 0.10% credit adjustment spread that had been added to SOFR under the prior facility, slightly reducing the effective interest rate on SOFR-based borrowings. The refinancing extends the maturity from December 2027 to October 2031 and increases the facility size by $25 million.
Proceeds may be used to refinance existing debt, pay fees, and fund working capital, capital expenditures, acquisitions, and general corporate purposes. After the initial draw and outstanding letters of credit, the company retains $603.1 million in borrowing capacity. This is a routine refinancing that modestly improves terms and extends liquidity. No red flags are present in the filing.
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 above related to the 2026 Credit Agreement is incorporated by reference into this Item 2.03.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
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 →
The 0.10% credit adjustment spread added to the SOFR in the 2022 Credit Agreement was eliminated in the 2026 Credit Agreement.
The new facility removes the 0.10% credit adjustment spread that was added to SOFR under the prior 2022 agreement. This reduces the effective interest rate on SOFR-based borrowings.
Added in current filing · verify on EDGAR →
As of October 5, 2026, the Company's outstanding debt totaled $840 million, including $465 million of revolving credit loans under the 2026 Credit Agreement and $375 million under the Company's existing Loan Security Agreement. Considering outstanding borrowings and stand-by letters of credit currently issued of $31.9 million, the Company has a remaining borrowing capacity of $603.1 million
Total outstanding debt is $840 million, with $465 million drawn on the new facility and $375 million under an existing loan agreement. After accounting for $31.9 million in letters of credit, the company has $603.1 million of remaining borrowing capacity.
Added in current filing · verify on EDGAR →
Proceeds of loans drawn under the 2026 Credit Agreement may be used by the Company to refinance existing debt, pay related fees and expenses, and for working capital, capital expenditures, permitted acquisitions, and general corporate purposes.
The company may use borrowings under the new facility to refinance existing debt, pay fees and expenses, and fund working capital, capital expenditures, permitted acquisitions, and general corporate purposes.
Event · Item 1.02 — Termination of a Material Definitive Agreement
Werner terminated its 2022 Credit Agreement and replaced it with a new 2026 Credit Agreement.
Added in current filing · verify on EDGAR →
Concurrently with entering into the 2026 Credit Agreement on October 5, 2026, the Company paid off and terminated the 2022 Credit Agreement, which was scheduled to mature on December 20, 2027.
The company paid off and terminated its existing 2022 Credit Agreement on October 5, 2026, the same day it entered into a new 2026 Credit Agreement. The old agreement was scheduled to mature on December 20, 2027, so this is an early payoff and refinancing.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Oct 9, 2026 · How we verify