C.H. Robinson (CHRW) signed an amendment on November 2, 2026 to its credit agreement with banks led by U.S. Bank. The agreement increases the revolving credit facility from $1 billion to $1.25 billion and extends the maturity from November 19, 2027 to October 31, 2031. The letter of credit sublimit rises from $50 million to $150 million.
The facility's expansion option (accordion) increases from $500 million to $625 million. The thresholds for default on judgments and for material debt rise from $125 million to $200 million. The amendment also provides for new adjustments to the EBITDA (earnings before interest, taxes, depreciation and amortization) calculation, such as restructuring and integration costs and projected savings tied to permitted acquisitions, with some of them capped at 15% of consolidated EBITDA.
Interest rate margins over Term SOFR remain between 0.75% and 1.375%, and commitment fees remain between 0.07% and 0.15%. The company must keep the ratio of net debt to EBITDA at a maximum of 3.75 to 1, with the possibility of raising the limit to 4.25 to 1 for four quarters after a permitted acquisition (the so-called Leverage Holiday). The number of such periods rises from two to three, and the company had already stated that it will be triggered upon completion of the RXO acquisition, provided for in an agreement dated October 4, 2026.
On the same date, the company amended its Note Purchase Agreement, with equivalent adjustments and default thresholds raised to $200 million. During a Leverage Holiday, interest on the notes increases by 0.75% per year if the ratio is above 3.75 and up to 4.00, and by 1.25% per year if it exceeds 4.00. With the amendments, part of the Bridge Facility with Morgan Stanley was terminated, and guarantee fees were reduced.
