ArcBest Corp Enters Material Definitive Agreement

TL;DR

ArcBest Corp just signed a big deal, could be a new loan or obligation. Watch their financials.

AI Summary

On June 12, 2024, ArcBest Corporation entered into a Material Definitive Agreement related to a direct financial obligation. The company, incorporated in Delaware, filed an 8-K report on June 14, 2024, detailing this agreement. Further specifics on the nature of the obligation and its financial implications are not detailed in the provided text.

Why It Matters

This filing indicates a significant new financial commitment or obligation for ArcBest Corporation, which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — The entry into a material definitive agreement and a direct financial obligation suggests potential financial risk or opportunity that requires further investigation.

Key Players & Entities

• ArcBest Corporation (company) — Registrant
• Delaware (jurisdiction) — State of incorporation
• June 14, 2024 (date) — Filing date of the 8-K
• June 12, 2024 (date) — Earliest event reported date
• 8401 McClure Drive Fort Smith, Arkansas 72916 (address) — Principal executive offices
• (479) 785-6000 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock $0.01 Par Value ARCB Nasdaq Indicate by
• $16.9 million — , there were letters of credit totaling $16.9 million issued under the Loan Agreement. Affil

Filing Documents

• arcb-20240612x8k.htm (8-K) — 46KB
• arcb-20240612xex10d1.htm (EX-10.1) — 576KB
• 0001558370-24-009210.txt ( ) — 817KB
• arcb-20240612.xsd (EX-101.SCH) — 3KB
• arcb-20240612_lab.xml (EX-101.LAB) — 15KB
• arcb-20240612_pre.xml (EX-101.PRE) — 10KB
• arcb-20240612x8k_htm.xml (XML) — 5KB

01 – ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

ITEM 1.01 – ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT The information required by Item 1.01 is included in Item 2.03 and is incorporated by reference herein. ITEM 2.03 – CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT On June 12, 2024, ArcBest Funding LLC (the "Borrower"), a wholly-owned subsidiary of ArcBest Corporation (the "Company"), entered into a third amendment (the "Amendment") to its Third Amended and Restated Receivables Loan Agreement, dated as of June 9, 2021, as amended on December 2, 2021 and May 13, 2022 (the "Loan Agreement"), by and among the Borrower, ArcBest II, Inc., as servicer, the financial institutions party thereto from time to time, as lenders (the "Lenders"), the financial institutions party thereto from time to time, as facility agents (the "Facility Agents"), and The Toronto-Dominion Bank, as letter of credit issuer ("LC Issuer") and as agent and administrator for the Lenders, the Facility Agent and the LC Issuer (the "Administrative Agent"). Effective as of July 1, 2024, the Amendment, among other things, (i) extends the facility termination date from July 1, 2024 to July 1, 2025, (ii) adds GTA Funding LLC as a Conduit Lender (as defined in the Loan Agreement), (iii) adds language addressing potential loans funded by the Conduit Lender through the issuance of notes, (iv) adds provisions relating to erroneous payments, (v) modifies limitations regarding the concentration of certain obligors of receivables pledged under the facility, and (vi) modifies the calculation of Default Ratio, Default Receivable, Dilution Spike Rate, Expected Dilution Ratio, Loss Horizon Ratio, and Required Reserve Factor Floor (each as defined in the Loan Agreement). Loans made under the facility are secured primarily by a lien on and security interest in the Borrower's related accounts receivable, which have been, and in the future will be, sold from time to time by certain subsidiaries of t

01 FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. Exhibit No. Description of Exhibit 10.1 Third Amendment to Third Amended and Restated Receivables Loan Agreement, dated as of June 12 , 2024, by and among ArcBest Funding LLC, as Borrower, ArcBest II, Inc., as Servicer, the financial institutions party thereto from time to time, as Lenders, the financial institutions party thereto from time to time, as Facility Agents, and The Toronto-Dominion Bank, as LC Issuer and Administrative Agent. 104 Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Se ARCBEST CORPORATION (Registrant) Date: June 14, 2024 /s/ Michael R. Johns Michael R. Johns Chief Legal Officer and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR