Schneider National Enters $350M Revolving Credit Facility; Replaces $250M Facility

What Happened

• Schneider National, through wholly‑owned subsidiary Schneider National Leasing, Inc., announced on September 10, 2026 that it entered into a $350 million revolving Credit Agreement (the "2026 Credit Facility") with JPMorgan Chase Bank, N.A. as Administrative Agent and that it terminated its prior $250 million credit facility (effective the same date; no borrowings outstanding at termination).
• The company also executed a First Amendment to its November 22, 2024 Term Loan Agreement (the "Term Loan Agreement") on September 10, 2026 to align certain representations, covenants and provisions with the new 2026 Credit Facility.

Key Details

• Total commitment: $350 million now, with an option for the Borrower to request up to an additional $350 million (total potential commitment of $700 million).
• Maturity: primary maturity date is September 10, 2031, but will be November 22, 2029 if the Borrower does not extend or refinance the Term Loan Agreement (or otherwise repay it) before 91 days prior to Nov. 22, 2029.
• Letter of credit sublimit: $100 million.
• Pricing: loans bear interest at Borrower’s election of (i) Alternate Base Rate or (ii) forward‑looking term SOFR, plus an applicable margin tied to the consolidated net debt coverage ratio; Alternate Base Rate is defined as the highest of Prime Rate, federal funds effective rate + 0.50%, or one‑month Term SOFR + 1.00%.
• Covenants: include minimum consolidated net worth (subject to termination under specified conditions), consolidated net debt coverage ratio, limits on indebtedness, restrictions on related‑party transactions and restricted payments, and, if the consolidated net worth covenant terminates, a consolidated interest coverage ratio. The Term Loan Agreement was amended to conform to these covenant changes.

Why It Matters

• This establishes Schneider’s near‑ and medium‑term borrowing capacity and liquidity: a $350M revolving line (expandable to $700M) and a $100M letters‑of‑credit sublimit provide flexibility for working capital, letters of credit, and other corporate needs.
• The covenant and maturity mechanics link the revolving facility to the existing term loan timeline — investors should note the earlier potential maturity date (Nov. 22, 2029) if the term loan is not extended or refinanced, and that the cost of borrowing will vary with chosen rate basis and the company’s leverage metrics.
• The prior $250M facility was terminated with no outstanding borrowings, so this filing documents a refinancing/replace­ment of the former credit agreement and an aligned amendment to the term loan agreement.