Schneider National, Inc.
For the period ended Mar 31, 2025. Filed May 1, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 1, 2025
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Debt and Credit Facilities
- DEBT AND CREDIT FACILITIES
As of March 31, 2025 and December 31, 2024, debt included the following:
| (in millions) | March 31, 2025 | December 31, 2024 |
|---|---|---|
| Unsecured senior notes: principal matures August 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 4.85% and 4.36% for 2025 and 2024, respectively. | $50.0 | $145.0 |
| Revolving credit agreement: matures November 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 6.02% and 6.43% for 2025 and 2024, respectively. | 50.0 | — |
| Receivables purchase agreement: matures May 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 5.90% and 6.12% for 2025 and 2024, respectively. | 70.0 | 70.0 |
| Delayed-draw term loan facility: matures November 2029; variable rate interest payments due quarterly based on the Term SOFR; weighted-average interest rate of 5.51% and 5.61% for 2025 and 2024, respectively. | 400.0 | 300.0 |
| Total debt and credit facilities | 570.0 | 515.0 |
| Current maturities | (7.5) | (98.7) |
| Debt issuance costs | (0.6) | — |
| Long-term debt | $561.9 | $416.3 |
Our Revolving 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 2022 Credit Facility also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. Standby letters of credit under this agreement amounted to $0.4 million as of both March 31, 2025 and December 31, 2024 and were primarily related to the requirements of certain of our real estate leases.
During the second quarter of 2024, we renewed our Receivables Purchase Agreement (the “2024 Receivables Purchase Agreement”), which allows us to borrow funds against qualifying trade receivables up to $200.0 million through May 2027, inclusive of a $100.0 million sublimit to be used for the issuance of letters of credit. As of March 31, 2025 and December 31, 2024, standby letters of credit under these agreements amounted to $95.1 million and $97.8 million, respectively, and were primarily related to the requirements of certain of our insurance obligations.
During the fourth quarter of 2024, SNL entered into a delayed-draw term loan facility with capacity up to $400.0 million and Bank of America as the administrative agent. Borrowings are unsecured, subject to interest over their term based on the either the Term SOFR or the ABR (“Alternate Base Rate”) at the election of the Company for each borrowing, and mature in November 2029. Quarterly principal payments of .625% of the outstanding balance will be due beginning September 2025 and continue until the agreement matures in November 2029.
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