Saia announced that it has amended its revolving credit facility to increase Saia’s borrowing capacity, lower certain interest rates and extend the term. The company entered into an amendment to its revolving credit facility with BOKF, NA dba Bank of Oklahoma, N.A., SunTrust Bank, JPMorgan Chase Bank, N.A., Bank of America, N.A., PNC Bank, National Association and Regions Bank.
The amendment to the Company’s revolving credit facility will increase the size of the credit facility from $200m to $250m and makes available an accordion feature that allows for an additional $75m in commitments under the facility. Under the agreement the facility’s maturity has been extended until March 2020. The agreement also reduces the performance-based interest rate pricing grid such that the company expects to achieve more favourable borrowing costs under the amended facility than under the previous credit agreement.
“I am pleased with the terms of this agreement as it reflects the credit market’s recognition of Saia’s continued improvement in our financial results. The amended facility provides flexibility for Saia’s future growth opportunities,” said Saia Vice President – Finance and Chief Financial Officer Fritz Holzgrefe. “We thank our lending group for their ongoing support.”
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