Knight-Swift Transportation Holdings Inc. (KNX), valued at $7.66 billion and trading at $47.29, announced a new $2.5 billion unsecured credit facility on July 8.
This replaces its prior $2.3 billion credit agreement and a $250 million term loan, as per its SEC filing. The new agreement includes a $1.5 billion revolving credit line, with $672 million drawn at close—set to mature on July 8, 2030.
It also contains two term loans: $700 million due July 2030 and $300 million due January 2027. No principal payments are due on the revolving credit or the $300 million loan until maturity. The $700 million loan will begin quarterly principal repayments of $8.8 million from September 2028, with the remainder due at maturity.
Interest rates are linked to SOFR plus a leverage-based margin: 1.55% for the revolving credit and $700 million loan, and 1.425% for the $300 million loan. According to InvestingPro, the company's total debt stands at $3.21 billion, with a current ratio of 0.88, indicating that short-term liabilities exceed liquid assets. The stock is currently trading near its fair value.
Monday, KNX closed at $46.78, or 1.08% lower on the NYSE.
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