Saia increases revolver to $200 million, extends it, lowers pricing

By Angela McDaniels

Tacoma, Wash., July 5 - Saia, Inc. amended its revolving credit facility on June 28 to increase its borrowing capacity, lower pricing and extend the term, according to an 8-K filing with the Securities and Exchange Commission.

The amendment made the following changes:

• Increased the size of the available credit to $200 million from $150 million. The accordion feature remains $40 million in size;

• Extended the maturity date to June 28, 2018 from Nov. 29, 2016;

• Reduced the interest rate by about 50 basis points, reduced the non-use fee by 25 bps and added an additional lower level to the pricing grid.

Following the amendment, the interest rate is Libor plus 125 bps to 250 bps, and the unused portion fee is 20 bps to 32.5 bps. Both depend on the company's leverage ratio; and

• Revised the financial covenants by suspending some requirements related to the borrowing base limitations and collateral administration.

The revolver is with BOKF, NA, SunTrust Bank, Bank of America, NA, JPMorgan Chase Bank, NA and Regions Bank. BOKF is the administrative agent.

The company paid a 20-bps upfront fee to banks with a commitment of $35 million or higher and 15 bps to banks with a commitment of less than $35 million.

Saia is a Johns Creek, Ga.-based provider of less-than-truckload, non-asset truckload and logistics services.

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