Saia Increases and Extends Credit Facility

2/6/19

JOHNS CREEK, Ga., Feb. 06, 2019 (GLOBE NEWSWIRE) -- Saia, Inc. (NASDAQ: SAIA), a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today announced that it has amended its revolving credit facility to increase Saia’s borrowing capacity, lower certain interest rates and extend the term.

On February 5, 2019, the Company amended its revolving credit facility by entering into an amended and restated credit agreement with BOKF, NA dba Bank of Oklahoma, JPMorgan Chase Bank, N.A., Bank of America, N.A., PNC Bank, National Association, SunTrust Bank and TD Bank, N.A.

The amendment to the Company's revolving credit facility:

  • Increases the size of the credit facility from $250 million to $300 million
  • Increases the availability under an accordion feature from $75 million to $100 million
  • Extends the maturity until February 5, 2024
  • Reduces the performance-based interest rate pricing grid such that the Company expects to achieve more favorable borrowing costs under the amended credit facility than under the previous credit facility

"I am pleased with the terms of this agreement as it reflects the credit market’s recognition of Saia’s continued improvement in our financial results. The amended facility provides flexibility for Saia's future growth opportunities," said Saia President and Chief Operating Officer, Fritz Holzgrefe. "We thank our lending group for their ongoing support."

This description of the amendment to the revolving credit facility is a summary only and is qualified in its entirety by reference to the full text of the amended and restated credit agreement, a copy of which will be filed in a Form 8-K with the Securities and Exchange Commission.

Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 160 terminals in 41 states. For more information on Saia, Inc. visit the Investor Relations section at www.saiacorp.com.