By William Gullotti
Buffalo, N.Y., Sept. 1 – Schneider National, Inc.’s wholly owned subsidiary Schneider National Leasing, Inc. placed $50 million 5.63% series 2023A senior notes due Aug. 30, 2028 to some affiliates of PGIM, Inc. on Wednesday, according to an 8-K filing with the Securities and Exchange Commission on Friday.
The notes are guaranteed by the parent company as well as subsidiaries Schneider Resources, Inc., Schneider Finance, Inc. and Schneider National Carriers, Inc.
The notes may be prepaid at any time at the greater of par and the make-whole amount, plus accrued and unpaid interest. The make-whole amount is calculated at the value of the remaining scheduled payments in respect to the called principal, discounted at Treasuries plus 50 basis points.
The placement is associated with a $200 million private shelf facility dated June 17, 2020 and amended July 28. The amended agreement permits additional shelf note placements of up to $150 million through July 28, 2026, with each subsequent issue having a maximum 16-year tenor and fixed interest determined at closing.
Proceeds will be used for general corporate purposes, including the repayment of existing debt.
Schneider National is a Green Bay, Wis.-based provider of truckload, intermodal and logistics services.
| Issuer: | Schneider National Leasing, Inc.
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| Guarantors: | Schneider National, Inc. and subsidiaries Schneider Resources, Inc., Schneider Finance, Inc. and Schneider National Carriers, Inc.
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| Amount: | $50 million
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| Description: | Senior notes, series 2023A
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| Maturity: | Aug. 30, 2028
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| Counsel to issuer: | McGuireWoods LLP
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| Counsel to purchasers: | ArentFox Schiff LLP
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| Coupon: | 5.63%
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| Call feature: | At any time at the greater of par and make-whole amount (value of the remaining scheduled payments, discounted at Treasuries plus 50 bps) plus interest
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| Change-of-control put: | At par plus interest
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| Placement date: | Aug. 30
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| Distribution: | Private placement
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