Saia ups revolving credit facility to $300 million, extends to 2024

By Sarah Lizee

Olympia, Wash., Feb. 6 – Saia, Inc. amended its revolving credit facility on Tuesday to increase its borrowing capacity to $300 million from $250 million, lower some interest rates and extend the term, according to a press release.

The company entered into the amended credit agreement with BOKF, NA, JPMorgan Chase Bank, NA, Bank of America, NA, PNC Bank, NA, SunTrust Bank and TD Bank, NA.

Availability under the revolver’s accordion feature was also increased to $100 million from $75 million.

The maturity was extended to Feb. 5, 2024.

The company said the performance-based interest rate pricing grid was reduced, and it 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,” president and chief operating officer Fritz Holzgrefe said in the release.

“The amended facility provides flexibility for Saia's future growth opportunities.”

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

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