Werner Enterprises (NASDAQ: WERN) entered into a $1.1 billion unsecured credit facility on October 5, 2026, replacing its previous $1.075 billion unsecured credit facility that dated from December 20, 2022.

The new credit agreement is scheduled to mature on October 5, 2031, and was arranged with BMO Bank, N.A. as Administrative Agent. BMO Capital Markets Corp., Wells Fargo Securities, LLC, and TD Securities (USA) LLC served as Joint Lead Arrangers and Joint Bookrunners.

On the same date, the company borrowed $465 million at a weighted average interest rate of 5.54%, based on the Secured Overnight Financing Rate (SOFR) plus a margin of 1.50%. The 0.10% credit adjustment spread that had been included in the prior agreement was eliminated in the new facility.

The new agreement carries a $100 million maximum limit for letters of credit and a $100 million maximum swingline loan commitment, both unchanged from the prior arrangement. No principal payments are scheduled until the maturity date.

Proceeds may be used to refinance existing debt, pay related fees and expenses, and fund working capital, capital expenditures, permitted acquisitions, and general corporate purposes.

As of October 5, 2026, the company's total outstanding debt stood at $840 million, comprising $465 million in revolving credit loans under the new facility and $375 million under its existing Loan Security Agreement. After accounting for outstanding borrowings and $31.9 million in standby letters of credit, Werner reported a remaining borrowing capacity of $603.1 million.

Concurrently, Werner paid off and terminated the 2022 credit agreement, which had been scheduled to mature on December 20, 2027. At the time of termination, $428 million was outstanding under that agreement, with $431.7 million in new borrowings used to cover outstanding balances, accrued interest, and fees.