COVENANT TRANSPORTATION GROUP, INC. (NASDAQ:CVTI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Entry into a Material Definitive Agreement.
On November28, 2017, Covenant Transportation Group, Inc., a Nevada corporation (the “Company”), and its direct and indirect wholly owned subsidiaries entered into the Fourteenth Amendment to Third Amended and Restated Credit Agreement (the “Fourteenth Amendment”) with Bank of America, N.A., as agent (the “Agent”), and JPMorgan Chase Bank, N.A. (together with the Agent, the “Lenders”), which amended that certain Third Amended and Restated Credit Agreement, dated September 23, 2008, by and among the Company, the Borrowers, the Agent, and the Lenders, as amended from time to time (the “Credit Agreement”).
The Fourteenth Amendment amends the Credit Agreement by, among other things, (i) extending the maturity date from September 23, 2018 to September 23, 2021, (ii) amending the Real Estate Amortization Amount and Real Estate Formula Amount with the intended effect of increasing the borrowing base real estate sublimit and lowering the amortization of the real estate sublimit, and (iii) providing consents and waivers to certain corporate restructuring activities.
The foregoing summary of the terms and conditions of the Fourteenth Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Fourteenth Amendment, a copy of which will be filed as an exhibit to the Company's annual report on Form 10-K for the year ending December 31, 2017.
About COVENANT TRANSPORTATION GROUP, INC. (NASDAQ:CVTI)
Covenant Transportation Group, Inc. is a truckload transportation company. The Company provides truckload transportation and brokerage services to customers throughout the continental United States, into and out of Mexico, and into and out of portions of Canada. It operates through the asset-based truckload services (Truckload) segment. The Truckload segment consists of three asset-based operating fleets: Covenant Transport, Inc. (Covenant Transport) that provides expedited long haul, dedicated, temperature-controlled, and regional solo-driver service; Southern Refrigerated Transport, Inc. (SRT), which provides long haul, regional, and intermodal temperature-controlled service, and Star Transportation, Inc. (Star) that provides regional solo-driver and services, primarily in the southeastern United States. In addition, its Covenant Transport Solutions, Inc. (Solutions) subsidiary has service offerings ancillary to its Truckload operations, including freight brokerage services.