Schneider National: amends receivables facility to $400,000,000

What happened

• Schneider National reported that its wholly-owned subsidiary, Schneider Receivables Corporation (the “Seller”), entered into Amendment No. 7 to its Amended and Restated Receivables Purchase Agreement on Sep 30, 2026. The 2026 Receivables Purchase Agreement, among the Seller, Schneider (as servicer), Wells Fargo Bank, N.A. (as administrative agent and letter of credit issuer) and the purchasers party thereto, revises the Existing Receivables Purchase Agreement.

Key details

• Available commitments increased from $200,000,000 to $400,000,000.
• Letter of credit sublimit increased from $150,000,000 to $250,000,000.
• Scheduled termination date extended to Sep 28, 2029.
• The facility allows borrowing against qualifying trade receivables at rates based on Term SOFR for a one-month tenor and provides for issuance of standby letters of credit.
• The agreement contains representations, warranties, covenants and events of default substantially similar to the prior agreement, including covenants for required minimum consolidated net worth (subject to termination as described), consolidated net debt coverage ratio, and consolidated interest coverage ratio (effective upon termination of the consolidated net worth covenant).

Why it may matter

• Item 1.01 reports entry into a material definitive agreement (Amendment No. 7 to the receivables purchase agreement). Item 2.03 reports creation of a direct financial obligation related to the expanded $400,000,000 secured accounts receivable facility, including standby letters of credit.
• The filing does not show why the company acted or why any insider traded.