June 30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 17, 2022 (
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ITEM 1.01 – ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On May 13, 2022, ArcBest Corporation (the “Company”) and its wholly-owned subsidiary ArcBest Funding LLC (the “Borrower”), amended its existing revolving accounts receivable securitization facility pursuant to a second amendment (the “Amendment”) to its Third Amended and Restated Receivables Loan Agreement, dated as of June 9, 2021, as amended on December 2, 2021 (the “Loan Agreement”), by and among the Borrower, ArcBest II, Inc., as servicer, the financial institutions party thereto from time to time, as lenders (the “Lenders”), the financial institutions party thereto from time to time, as facility agents (the “Facility Agents”), and The Toronto-Dominion Bank, as letter of credit issuer (“LC Issuer”) and as agent and administrator for the Lenders, the Facility Agent and the LC Issuer (the “Administrative Agent”).
Effective as of the date of the Amendment, the Amendment, among other things, (i) increases the Delinquency Ratio, Default Ratio, and the Accounts Receivable Turnover Ratio (each as defined in the Loan Agreement) at the end of any Calculation Period (as defined in the Loan Agreement), (ii) increases the Delinquency Ratio, Default Ratio, and the Accounts Receivable Turnover Ratio (each as defined in the Loan Agreement) at the end of any Special Calculation Period (as defined in the Loan Agreement), (iii) adds language addressing the potential inclusion of receivables originated by MoLo Solutions, LLC, and (iv) replaces LIBOR-based interest pricing conventions with SOFR-based interest pricing conventions. The facility ratios were adjusted to accommodate revenue growth and customer demand for integrated logistics solutions, which have resulted in an increased proportion of total revenues generated by the Company’s Asset-Light operations. The growth in Asset-Light revenues was accelerated by the November 2021 acquisition of MoLo Solutions, LLC. Collection periods are generally longer for Asset-Light business.
The foregoing description is qualified in its entirety by reference to the Amendment, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
Exhibit No. | Description of Exhibit | |
10.1 | ||
104 | Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ARCBEST CORPORATION | |||
(Registrant) | |||
Date: | May 17, 2022 | /s/ Michael R. Johns | |
Michael R. Johns | |||
Vice President – General Counsel | |||
and Corporate Secretary | |||