Saia increases and extends its credit facility
Saia, Inc., a multi-regional trucking transportation company, has announced that it has amended and extended its revolving credit facility.
The company has entered into a Fourth Amended and Restated Credit Agreement among Saia, Inc. and BOKF (doing business as Bank of Oklahoma, JPMorgan Chase Bank, Bank of America, and SunTrust Bank), with Bank of Oklahoma as Administrative and Collateral Agent and SunTrust Bank as Documentation Agent.
The amendment to the company’s revolving credit facility includes the following:
- Increases the size of the available credit from $120m under the previous credit agreement to $150m and makes available an accordion feature that allows for an additional $40m in total commitments under the facility
- Extends the maturity under the previous credit agreement from January 31, 2013 to five years from the effective date, November 29, 2016
- Reduces the performance-based interest rate pricing grid such that the company expects to achieve more favorable borrowing costs under the Restated Credit Agreement than under the previous credit agreement
- Revises the financial covenants to remove the adjusted leverage ratio.
"This new agreement supports Saia’s future growth opportunities. I am pleased with the terms of this agreement as it reflects Saia’s continued improvement in our financial results and an improving credit market," said James A. Darby, vice president – finance and chief financial officer. "Saia appreciates the cooperation of our lending group and we thank them for their ongoing support."
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