Swift Amends Credit, Term Loans

Swift Transportation Co. has amended its credit agreement to add $150 million to its revolving credit facility and revised term loans, the company announced in a Securities and Exchange Commission filing.

The statement said Swift’s fourth amended and restated credit agreement includes a $600 million revolving credit facility that replaces a $450 million facility, which had no outstanding borrowings.

In addition, the 2015 agreement that replaced a June 2014 document has a $680 million term loan, which matures in 2020. The new term loan was used along with $200 million from the new revolving agreement and $3 million in cash to pay off two previous term loans, designated as A and B.

The interest rate on the new revolving credit and term loan is the London Interbank Offer Rate, or LIBOR, plus 1.75%. The prior rates ranged from LIBOR plus 1.75% to LIBOR plus 3%.

Swift’s initial quarterly principal payment is $3.625 million, with increases eventually to $12.25 million quarterly.