Schneider National, Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Oct 30, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Debt and Credit Facilities
- DEBT AND CREDIT FACILITIES
As of September 30, 2025 and December 31, 2024, debt included the following:
| (in millions) | September 30, 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 5.70% and 4.36% for 2025 and 2024, respectively. | $50.0 | $145.0 |
| Receivables purchase agreement: matures May 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 5.43% 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 5.49% and 5.61% for 2025 and 2024, respectively. | 397.5 | 300.0 |
| Total debt and credit facilities | 517.5 | 515.0 |
| Current maturities | (9.8) | (98.7) |
| Debt issuance costs | (0.6) | — |
| Long-term debt | $507.1 | $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. We hadno outstanding borrowings as of both September 30, 2025 and December 31, 2024. 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 September 30, 2025 and December 31, 2024 and were primarily related to the requirements of certain of our real estate leases.
Our Receivables Purchase Agreement (the “2024 Receivables Purchase Agreement”) allows us to borrow funds against qualifying trade receivables up to $200.0 million through May 2027. During the third quarter of 2025, we executed an amendment that increased the sublimit to be used for the issuance of letters of credit to $150.0 million from $100.0 million. As of September 30, 2025 and December 31, 2024, standby letters of credit under these agreements amounted to $102.7 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 began in September 2025 and will continue until the agreement matures in November 2029.
Subsequent event - Payoff of Receivables Purchase Agreement
In October 2025, the Company repaid the $70.0 million outstanding balance on its Receivables Purchase Agreement at September 30, 2025 using cash on hand.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.