The Shyft Group, Inc., The Shyft Group Services, LLC, The Shyft Group USA, Inc. and Royal Truck Body LLC Enter into the Second Amendment to Amended and Restated Credit Agreement
March 29, 2024 at 04:31 pm EDT
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On March 27, 2024, The Shyft Group, Inc. (Shyft), The Shyft Group Services, LLC, The Shyft Group USA, Inc. and Royal Truck Body LLC, each acting as borrowers, and certain other subsidiaries of Shyft, each acting as guarantors, entered into the Second Amendment to Amended and Restated Credit Agreement (the ?Credit Agreement Amendment?). The Credit Agreement Amendment, among other things, (i) reduced the revolving credit commitments from $400 million to $300 million, (ii) increased the applicable margin for term SOFR loans and base rate loans, (iii) adjusted the calculation of debt for purposes of determining the leverage ratio and (iv) temporarily increased the maximum leverage ratio. The Credit Agreement Amendment amends that certain Amended and Restated Credit Agreement, dated November 30, 2021, as amended, with Wells Fargo Bank, National Association (?Wells Fargo?), as administrative agent, and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A., PNC Bank, National Association and Bank of America, N.A.
The Shyft Group, Inc. is engaged in specialty vehicle manufacturing and assembly for the commercial vehicle, including last-mile delivery, specialty service and vocation-specific upfit segments and recreational vehicle industries. The Companyâs segments include Fleet Vehicles and Services (FVS) and Specialty Vehicles (SV). The FVS segment manufactures commercial vehicles used in the e-commerce/last mile/parcel delivery, beverage and grocery delivery, laundry and linen, mobile retail, and trade and construction industries. The Specialty Vehicles segment includes a portfolio of business that provides service bodies, RV chassis, vocational upfit and contract manufacturing products and services. Its products include walk-in vans, truck bodies, and cargo van and pick-up truck upfits used in e-commerce/parcel delivery, upfit equipment used in the mobile retail and utility trades, and luxury Class A diesel motorhome custom chassis and contract manufacturing and assembly services.
The Shyft Group, Inc., The Shyft Group Services, LLC, The Shyft Group USA, Inc. and Royal Truck Body LLC Enter into the Second Amendment to Amended and Restated Credit Agreement