Schneider National, Inc. filed an 8-K on September 16, 2026, reporting that its wholly-owned subsidiary Schneider National Leasing, Inc. entered into a new $350 million revolving credit facility on September 10, 2026, while simultaneously terminating its prior $250 million credit agreement and amending an existing term loan agreement.

Key Highlights

  • New credit facility size: $350 million, with the ability to request an increase of up to an additional $350 million, for a total potential commitment of $700 million.
  • Maturity date: September 10, 2031, subject to an earlier maturity of November 22, 2029 under specified conditions related to the existing Term Loan Agreement.
  • Prior facility terminated: The existing $250 million Credit Agreement dated November 4, 2022 was terminated on September 10, 2026, with no outstanding borrowings at the time.
  • Letter of credit sublimit: The 2026 Credit Facility provides a sublimit of $100 million for the issuance of letters of credit.
  • Administrative Agent: JPMorgan Chase Bank, N.A. serves as Administrative Agent for the new facility.
  • Term Loan Amendment: A First Amendment to the Term Loan Agreement, administered by Bank of America, N.A., was also executed on September 10, 2026, conforming its covenants to those in the new facility.

Schneider National Leasing Replaces $250M Revolver with Larger $350M Facility

According to the filing, Schneider National Leasing, Inc., a wholly-owned subsidiary of Schneider National, Inc. (NYSE:SNDR), entered into the 2026 Credit Facility on September 10, 2026, among the borrower, Schneider, certain other Schneider subsidiaries as guarantors, the lenders party thereto, and JPMorgan Chase Bank, N.A. as Administrative Agent. The new facility replaces the previous $250 million Credit Agreement dated November 4, 2022, which the filing states was terminated on the same date with no outstanding borrowings at the time of termination.

The filing discloses that loans under the 2026 Credit Facility bear interest, at the borrower's election, at either the Alternate Base Rate or the forward-looking term Secured Overnight Financing Rate (SOFR) published by CME Group Benchmark Administration Limited for the selected interest period, plus an applicable margin based on the consolidated net debt coverage ratio as of the end of each fiscal quarter. The Alternate Base Rate is defined as the highest of the Prime Rate, the federal funds effective rate plus 0.50%, or the Term SOFR Rate for a one-month interest period plus 1.00%. The facility includes covenants covering, among other items, minimum consolidated net worth, consolidated net debt coverage ratio, limitations on indebtedness, and transactions with affiliates.

On the same date, the filing reports, Schneider National Leasing also entered into the First Amendment to Term Loan Agreement, amending its Credit Agreement dated November 22, 2024, which is administered by Bank of America, N.A. and matures on November 22, 2029. The amendment conforms the representations, covenants, and other provisions of that term loan to those contained in the 2026 Credit Facility. The filing notes that the description of each agreement "does not purport to be complete" and is qualified in its entirety by reference to the full texts filed as Exhibits 10.1 and 10.2.

What Was Disclosed

Schneider National disclosed the entry into a new $350 million revolving credit facility, the termination of its prior $250 million facility with no outstanding borrowings, and an amendment to its existing term loan agreement, all effective September 10, 2026.