Saia cuts pricing for five-year revolver, boosts size to $150 million

By Susanna Moon

Chicago, Dec. 1 - Saia, Inc. said it amended its revolving credit facility with Bank of Oklahoma, NA as administrative and collateral agent on Wednesday, pushing out the maturity to Nov. 29, 2016.

The company boosted the amount of available credit by $30 million to $150 million, reduced pricing and revised the financial covenants to remove the adjusted leverage ratio, according to a company press release.

The facility also contains an accordion for $40 million more total commitments.

The credit agreement was set to expire on Jan. 31, 2013.

Saia entered into the credit agreement with BOKF, NA (dba Bank of Oklahoma), JPMorgan Chase Bank, NA, Bank of America, NA and SunTrust Bank. SunTrust Bank as documentation agent.

"This new agreement supports Saia's future growth opportunities. I am pleased with the terms of this agreement as it reflects Saia's continued improvement in our financial results and an improving credit market," James A. Darby, vice president-finance and chief financial officer, said in the release.

Saia is a Johns Creek, Ga.-based less-than-truckload carrier.

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