Schneider National Enters Material Definitive Agreement
Ticker: SNDR · Form: 8-K · Filed: May 31, 2024 · CIK: 1692063
| Field | Detail |
|---|---|
| Company | Schneider National, INC. (SNDR) |
| Form Type | 8-K |
| Filed Date | May 31, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $200 million, $150,000,000, $200,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
Schneider National just signed a big deal, creating new financial obligations.
AI Summary
Schneider National, Inc. entered into a Material Definitive Agreement on May 29, 2024, which also created a direct financial obligation for the registrant. The filing is an 8-K report detailing these events.
Why It Matters
This filing indicates a significant new agreement or financial commitment for Schneider National, which could impact its future financial obligations and operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and creating new financial obligations can introduce new risks or alter existing ones for a company.
Key Players & Entities
- Schneider National, Inc. (company) — Registrant
- May 29, 2024 (date) — Date of earliest event reported
FAQ
What type of Material Definitive Agreement did Schneider National, Inc. enter into?
The filing does not specify the exact nature of the Material Definitive Agreement, only that one was entered into on May 29, 2024.
What is the direct financial obligation created for Schneider National, Inc.?
The filing states that a direct financial obligation was created, but does not provide specific details about its nature or amount.
What is the significance of an 8-K filing for Schneider National, Inc. on May 29, 2024?
An 8-K filing is a report of unscheduled material events or corporate changes, indicating that Schneider National, Inc. had significant news to report on that date.
Where is Schneider National, Inc. incorporated and what is its fiscal year end?
Schneider National, Inc. is incorporated in Wisconsin and its fiscal year ends on December 31.
What is the SIC code for Schneider National, Inc.?
The Standard Industrial Classification (SIC) code for Schneider National, Inc. is 4213, which corresponds to TRUCKING (NO LOCAL).
Filing Stats: 941 words · 4 min read · ~3 pages · Grade level 11.9 · Accepted 2024-05-31 12:40:21
Key Financial Figures
- $200 million — party thereto, relating to the Seller's $200 million secured accounts receivable facility. T
- $150,000,000 — increase the available commitments from $150,000,000 to $200,000,000 and (ii) extend the sch
- $200,000,000 — ilable commitments from $150,000,000 to $200,000,000 and (ii) extend the scheduled maturity
Filing Documents
- sndr-20240529.htm (8-K) — 36KB
- arfacilityamendment5.htm (EX-10.1) — 60KB
- 0001692063-24-000108.txt ( ) — 228KB
- sndr-20240529.xsd (EX-101.SCH) — 2KB
- sndr-20240529_lab.xml (EX-101.LAB) — 21KB
- sndr-20240529_pre.xml (EX-101.PRE) — 12KB
- sndr-20240529_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
ITEM 1.01. Entry into a Material Definitive Agreement. On May 29, 2024, Schneider Receivables Corporation (the "Seller"), a wholly-owned subsidiary of Schneider National, Inc. ("Schneider"), entered into Amendment No. 5 (the "2024 Amendment") to its Amended and Restated Receivables Purchase Agreement (as so amended, the "2024 Receivables Purchase Agreement"), among the Seller, as seller, Schneider, as the servicer, Wells Fargo Bank, N.A., as administrative agent and letter of credit issuer, and the purchasers party thereto, relating to the Seller's $200 million secured accounts receivable facility. The 2024 Amendment further amends the Seller's Amended and Restated Receivables Purchase Agreement dated as of March 31, 2011, as amended and restated on September 5, 2018, and as further amended on July 30, 2021 and June 1, 2023 (the "Existing Receivables Purchase Agreement"). The parties to the 2024 Receivables Purchase Agreement are the Seller, as seller, Schneider, as servicer, Wells Fargo Bank, N.A., as administrative agent and letter of credit issuer, and the purchasers party thereto. The 2024 Amendment revises the Existing Receivables Purchase Agreement, among other things, to (i) increase the available commitments from $150,000,000 to $200,000,000 and (ii) extend the scheduled maturity date to May 28, 2027. The 2024 Receivables Purchase Agreement has a scheduled maturity date of May 28, 2027, allows the Seller to borrow funds against qualifying trade receivables at rates based on Adjusted Term SOFR (as defined in the 2024 Receivables Purchase Agreement) for a one-month tenor and provides for the issuance of standby letters of credit. The 2024 Receivables Purchase Agreement contains representations, warranties, covenants, and events of default substantially similar to the Existing Receivables Purchase Agreement. The 2024 Receivables Purchase Agreement contains various financial and other covenants, including required minimum consolidated net worth (subject to
01. Financial Statements and Exhibits
ITEM 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description of Exhibit 10.1 Amendment No. 5, dated May 29, 2024, to Amended and Restated Receivables Purchase Agreement dated as of March 31, 2011, as amended and restated as of September 5, 2018, and as further amended on July 30, 2021 and June 1, 2023, among Schneider Receivables Corporation, as seller, Schneider National, Inc., as the servicer, Wells Fargo Bank, N.A., as administrative agent, and the purchasers party thereto. 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL
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. Date: May 31, 2024 SCHNEIDER NATIONAL, INC. By: /s/ Thomas G. Jackson Name: Thomas G. Jackson Title: Executive Vice President, General Counsel and Corporate Secretary