Marten Transport, Ltd. Enters into Eleventh Amendment to Credit Agreement with U.S. Bank National Association
August 20, 2021 at 04:03 pm EDT
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On August 17, 2021, Marten Transport, Ltd. entered into an Eleventh Amendment to Credit Agreement (the Amendment") with U.S. Bank National Association, as agent (the Agent"), and certain lenders party thereto (collectively, the Lenders"). The Amendment amends that certain Credit Agreement, dated as of August 31, 2006, entered into by and among Marten, the Agent, and the Lenders (the Original Agreement"), as modified by amendments dated as of January 1, 2007, November 30, 2007, May 27, 2011, December 10, 2012, December 22, 2014, November 4, 2015, December 6, 2016, August 24, 2018, August 13, 2019 and November 18, 2020 (collectively, the Prior Amendments" and, together with the Original Agreement, the Current Credit Agreement"). Marten previously filed copies of the Original Agreement and the Prior Amendments with the Securities and Exchange Commission. The Amendment waives the limitations of certain restrictive payments under the Current Credit Agreement through December 31, 2021 to allow for stock redemptions and dividends in excess of 25% of Marten's total consolidated net income for its most recent prior fiscal year in a total amount of up to $80,000,000. The obligations arising under the revolving credit facility continue to be guaranteed by each of Marten's existing subsidiaries.
Marten Transport, Ltd. provides temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment. Its segments include Truckload, Dedicated, Intermodal and Brokerage. Truckload segment provides a combination of regional short-haul and medium-to-long-haul full-load transportation services. Dedicated segment provides customized transportation solutions utilizing temperature-controlled trailers, dry vans and other specialized equipment within the United States. Intermodal segment transports its customers freight within the United States, utilizing its refrigerated containers on railroad flatcars for portions of trips, with the balance of the trips using its tractors or, to a lesser extent, contracted carriers. Brokerage segment develops contractual relationships with and arranges for third-party carriers to transport freight for its customers.