The refinancing is a routine liability management move that extends maturities and provides revolving flexibility. Monitor the company's next quarterly filing for the Consolidated Net Debt Coverage Ratio to see if the lower pricing tier is maintained. The $50M reduction in committed capacity is a modest negative, but the extended maturity and improved terms are neutral to slightly positive.
Price Chart
Executive Summary
Schneider National Leasing, Inc. (SNDR) entered into a new $350 million revolving credit facility, replacing its existing $400 million term loan facility with JPMorgan Chase as administrative agent. Concurrently, the company amended its existing $400 million term loan agreement to reference the new revolving facility and updated certain definitions. The refinancing extends maturities and provides increased financial flexibility, but the new facility is $50 million smaller than the prior term loan.
Key Financial Metrics
Key Facts
- Schneider National Leasing entered into a new $350 million revolving credit agreement dated September 10, 2026, with JPMorgan Chase Bank as administrative agent.
- The new credit facility replaces the existing $400 million term loan credit agreement dated November 22, 2024, which was simultaneously amended to reference the new revolving facility.
- The new facility matures on September 10, 2031, but accelerates to November 22, 2029, if the term loan is not extended, refinanced, or repaid by that date.
- The initial Applicable Rate for the new facility is set at Level IV (lowest tier), with a Term Benchmark/RFR spread of 100 bps and a commitment fee of 10.0 bps.
- The new facility includes a $100 million letter of credit sublimit and a $40 million swingline sublimit.
- The amendment to the existing term loan updated the definition of 'Revolving Credit Agreement' to reference the new September 10, 2026 facility and adjusted the Applicable Rate pricing grid.
Financial Impact
New $350M revolving credit facility replaces $400M term loan, reducing total committed borrowing capacity by $50M. Initial pricing at Level IV (lowest tier) with 100 bps spread over Term SOFR.
Risk Factors
- The new facility's maturity accelerates to 2029 if the existing term loan is not extended or refinanced, creating a potential refinancing risk.
- The $50M reduction in total committed borrowing capacity could constrain future growth or acquisition financing.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001692063-26-000044 |
| Document: schneidernationalleasing.htm | 0001692063-26-000044 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 8-K | $32.75 $32.33 | ▼ −1.28% | ▼ −4.12% | $32.89 (+0.43%) |
Jul 29, 2026 9w ago | 8-K | $35.26 $36.53 | ▲ +3.60% | ▼ −1.93% | $32.89 (−6.72%) |
Jun 12, 2026 16w ago | Insider Cluster | $38.44 $35.68 | ▼ −7.18% | ▼ −7.85% | $32.89 (−14.44%) |
Jun 11, 2026 16w ago | Institutional Cluster | $38.44 $35.68 | ▼ −7.18% | ▼ −7.85% | $32.89 (−14.44%) |
Jun 10, 2026 16w ago | 144 | $38.11 $35.34 | ▼ −7.27% | ▼ −7.70% | $32.89 (−13.70%) |
May 27, 2026 18w ago | 144 | $35.45 $37.10 | ▲ +4.65% | ▲ +4.34% | $32.89 (−7.22%) |
May 1, 2026 22w ago | 8-K | $31.47 $30.65 | ▼ −2.61% | ▼ −4.95% | $32.89 (+4.51%) |
Mar 17, 2026 28w ago | DEFA14A | $24.06 $25.27 | ▲ +5.03% | ▲ +7.68% | $32.89 (+36.70%) |
US Market Status
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