Schneider National, Inc.
For the period ended Mar 31, 2026. Filed May 1, 2026.
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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, 2026 · Filed May 1, 2026
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Debt and Credit Facilities
- DEBT AND CREDIT FACILITIES
As of March 31, 2026 and December 31, 2025, debt included the following:
| (in millions) | March 31, 2026 | December 31, 2025 |
|---|---|---|
| Unsecured senior notes: principal matures August 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 5.63% and 6.95% for 2026 and 2025, respectively. | $50.0 | $50.0 |
| Delayed-draw term loan facility: matures November 2029; variable rate interest payments due quarterly based on the Term SOFR; weighted-average interest rate of 5.19% and 5.38% for 2026 and 2025, respectively. | 345.0 | 347.5 |
| Total debt and credit facilities | 395.0 | 397.5 |
| Current maturities | (8.5) | (8.6) |
| Debt issuance costs | (0.4) | (0.5) |
| Long-term debt | $386.0 | $388.4 |
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. There wereno outstanding borrowings under the 2022 Credit Facility as of March 31, 2026 and December 31, 2025. Borrowings, if any, would bear interest at a variable rate based on Term SOFR. The 2022 Credit Facility includes a $100.0 million sublimit for the issuance of letters of credit. Standby letters of credit outstanding under this facility totaled $0.4 million as of both March 31, 2026 and December 31, 2025 and were primarily related to certain real estate lease requirements.
Our Receivables Purchase Agreement (the “2024 Receivables Purchase Agreement”) allows borrowings against qualifying trade receivables up to $200.0 million through May 2027. There wereno outstanding borrowings under the agreement as of both March 31, 2026 and December 31, 2025. Borrowings, if any, would bear interest at a variable rate based on Term SOFR. The 2024 Receivables Purchase Agreement includes a $150.0 million sublimit for the issuance of letters of credit. Standby letters of credit outstanding under the agreement totaled $117.9 million and $102.9 million as of March 31, 2026 and December 31, 2025, respectively, and were primarily related to certain insurance obligations.
Our delayed-draw term loan facility was fully drawn as of the first quarter in 2025. Borrowings under the facility are unsecured and bear interest, at the election of the Company for each borrowing, based on either the Term SOFR or the ABR (“Alternate Base Rate”), and mature in November 2029. Quarterly principal payments equal to 0.625% of the outstanding balance began in September 2025 and will continue through maturity.
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