Schneider Receivables Corporation, a wholly-owned subsidiary of Schneider National, Inc., increased the available commitments under its secured accounts receivable facility from $200 million to $400 million. The company disclosed this change in a Form 8-K filed with the U.S. Securities and Exchange Commission on October 2, 2026, reporting the event as of September 30, 2026.
The amendment, designated Amendment No. 7, modifies the Amended and Restated Receivables Purchase Agreement originally dated March 31, 2011. The updated agreement, referred to as the 2026 Receivables Purchase Agreement, involves Schneider Receivables Corporation as the seller, Schneider National, Inc. as the servicer, and Wells Fargo Bank, N.A. as the administrative agent and letter of credit issuer.
Beyond the doubling of the total commitment, the 2026 Amendment raises the sublimit for the issuance of letters of credit from $150 million to $250 million. The scheduled termination date for the facility has also been extended to September 28, 2029. These changes follow previous amendments to the agreement made on July 30, 2021, June 1, 2023, May 29, 2024, and August 25, 2025.
The facility allows Schneider Receivables Corporation to borrow funds against qualifying trade receivables at rates based on one-month tenor Term SOFR. The agreement also provides for the issuance of standby letters of credit. To increase the availability of the facility, the amendment adjusts eligibility criteria relating to trade accounts receivables.
The 2026 Receivables Purchase Agreement includes financial covenants such as a required minimum consolidated net worth, a consolidated net debt coverage ratio, and a consolidated interest coverage ratio. The interest coverage ratio becomes effective upon the termination of the consolidated net worth covenant, which is subject to termination if other material debt agreements do not contain a similar net worth covenant. The agreement also contains standard affirmative and negative covenants typical for facilities of this type.
The full text of Amendment No. 7 is filed as Exhibit 10.1 to the Form 8-K. Thomas G. Jackson, Executive Vice President, General Counsel and Corporate Secretary of Schneider National, Inc., signed the report on behalf of the registrant.