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Last $23.82 USD
Change Today +0.17 / 0.72%
Volume 2.3M
SWFT On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 8:04 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

swift transportation co (SWFT) Key Developments

Swift Transportation Company Enters into Fourth Amended and Restated Credit Agreement

On July 27, 2015, Swift Transportation Company entered into a Fourth Amended and Restated Credit Agreement replacing existing Third Amended and Restated Credit Agreement dated June 9, 2014. The 2015 Agreement includes a $600.0 million revolving credit facility and a $680.0 million first lien term loan A, each maturing July 2020. The 2015 Agreement replaced the undrawn $450.0 million revolving line of credit maturing June 2019, the $500.0 million first lien term loan A ($485.0 million face value outstanding as of closing) maturing June 2019, and the $400.0 million first lien term loan B ($395.0 million face value outstanding as of closing) maturing June 2021 under the 2014 Agreement. Upon closing, proceeds from the Term Loan A, $200.0 million drawn from the Revolver, and $3.0 million cash on hand were used to pay off the then-outstanding balances of the first lien term loan A and B tranches under the 2014 Agreement and certain transactional fees associated with the 2015 Agreement. This resulted in outstanding balances on the Term Loan A and the Revolver of $680.0 million and $200.0 million, respectively, upon closing the 2015 Agreement. Under the 2015 Agreement, the interest rate applicable to the Revolver and Term Loan A is subject to a leverage-based grid and equaled the LIBOR rate plus 1.75% at closing, which is the same as the rate applicable to the revolving credit facility and first lien term loan A tranche under the 2014 Agreement at closing. The previous term loan B tranche under the 2014 Agreement accrued interest at the LIBOR rate plus 3.00%, reducing to 2.75% once leverage is below 2.00, with a 0.75% LIBOR floor. The financial covenants are unchanged from the 2014 Agreement. Principal payments for the Term Loan A are due quarterly in the amount of $3.625 million on September 30, 2015, $6.625 million starting December 31, 2015 through December 31, 2016, and then increasing to $12.25 million per quarter for 2017 thereafter through maturity, when the balance is due.

Swift Transportation Company Reports Earnings Results for the Second Quarter Ended June 2015; Provides Earnings Guidance for Fiscal 2015

Swift Transportation Company reported earnings results for the second quarter ended June 2015. For the quarter, the company net income rose to $51 million, or $0.35 per diluted share from $40.2 million, or $0.28 per diluted share, a year earlier. Adjusted EPS was $0.37. For the quarter, revenue decreased to $1.06 billion from $1.08 billion year-over-year. Operating earnings increased 5% versus 2014 and are roughly flat with results achieved two years ago. The company provided adjusted EPS guidance for fiscal 2015. The company expects adjusted EPS to be in the range of $1.64 to $1.74 including the $0.03 aftertax charge related to the nonoperational contractual dispute in the second quarter. Net CapEx guidance was raised from $305 million to $330 million for full year 2015 to now $350 million to $375 million.

Swift Transportation Company to Report Q2, 2015 Results on Jul 27, 2015

Swift Transportation Company announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Jul 27, 2015

Swift Transportation Company, Q2 2015 Earnings Call, Jul 28, 2015

Swift Transportation Company, Q2 2015 Earnings Call, Jul 28, 2015

Swift Transportation Company May Seek Acquisitions

Swift Transportation Company (NYSE:SWFT) may seek acquisitions. Ginnie Henkels, Chief Financial Officer, said, "So from an acquisition standpoint, as you talked about, we are very -- and they cross our desks every day -- we are being selective in that. I'm not saying that we wouldn't do that, but it needs to make a lot of sense.”

 

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