Werner adds $75 million commitment to Wells Fargo credit facility

By Marisa Wong

Madison, Wis., Sept. 19 – Werner Enterprises, Inc. amended its existing credit agreement dated June 1, 2012 with Wells Fargo Bank, NA on Sept. 15, according to an 8-K filing with the Securities and Exchange Commission.

The original credit agreement provided a $175 million committed credit facility that expires on May 31, 2016.

The amendment adds an unsecured term commitment of up to $75 million and increases the company’s total borrowing capacity with Wells Fargo to $250 million from $175 million.

The outstanding principal balance of the term commitment is due Sept. 15, 2019.

Interest on the term commitment is equal to Libor plus a margin of 60 basis points and is effectively fixed at 2.5% with an interest rate swap agreement.

On Sept. 15, the company borrowed $75 million under the term commitment and repaid the $40 million principal outstanding under the committed credit facility.

The $250 million of credit available under the amended credit agreement is reduced by the $75 million borrowing under the term note and $32.7 million in letters of credit, the filing noted.

Werner, based in Omaha, is a transportation provider of freight management and supply chain solutions.

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