Schneider National Inc
For the period ended Mar 31, 2024. Filed May 2, 2024.
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Mar 31, 2024 · Filed May 2, 2024
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Debt and Credit Facilities
- DEBT AND CREDIT FACILITIES
As of March 31, 2024 and December 31, 2023, debt included the following:
| (in millions) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Unsecured senior notes: principal maturities ranging from 2024 through 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 3.86% and 3.68% for 2024 and 2023, respectively. | $185.0 | $185.0 |
| Credit agreement: matures November 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 6.44% and 6.43% for 2024 and 2023, respectively. | 40.0 | 45.0 |
| Receivables purchase agreement: matures July 2024; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 6.28% and 6.28% 2024 and 2023, respectively. | 70.0 | 60.0 |
| Total debt and credit facilities | 295.0 | 290.0 |
| Current maturities | (205.0) | (100.0) |
| Long-term debt | $90.0 | $190.0 |
Our Credit Agreement (the “2022 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an additional increase in total commitment by up to $150.0 million, for a total potential commitment of $400.0 million through November 2027. The agreement also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. Balances are included within long-term debt and finance lease obligations on the consolidated balance sheets. Standby letters of credit under this agreement amounted to $0.4 million as of March 31, 2024 and December 31, 2023, and were primarily related to the requirements of certain of our real estate leases.
We also have a Receivables Purchase Agreement (the “2021 Receivables Purchase Agreement”), which allows us to borrow funds against qualifying trade receivables at rates based on one-month Term SOFR up to $150.0 million and provides for the issuance of standby letters of credit through July 2024. Borrowings under this agreement are included within current maturities of debt and finance lease obligations on the consolidated balance sheets. As of March 31, 2024 and December 31, 2023, standby letters of credit under this agreement amounted to $73.9 million and $81.4 million, respectively, and were primarily related to the requirements of certain of our insurance obligations.
Our combined available capacity under our Credit Agreement and our Receivables Purchase Agreement as of March 31, 2024 was $215.6 million.
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