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J.B. Hunt Transport Services, Inc. – ‘8-K’ for 9/27/22

On:  Monday, 10/3/22, at 2:28pm ET   ·   For:  9/27/22   ·   Accession #:  1437749-22-23462   ·   File #:  0-11757

Previous ‘8-K’:  ‘8-K’ on 7/26/22 for 7/20/22   ·   Next:  ‘8-K’ on / for 10/18/22   ·   Latest:  ‘8-K’ on / for 4/16/24   ·   3 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/03/22  J.B. Hunt Transport Svcs, Inc.    8-K:1,2,9   9/27/22   12:1.3M                                   RDG Filings/FA

Current Report   —   Form 8-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     32K 
 2: EX-10.1     Material Contract                                   HTML   1.01M 
 7: R1          Document And Entity Information                     HTML     46K 
10: XML         IDEA XML File -- Filing Summary                      XML     12K 
 8: XML         XBRL Instance -- jbht20220928_8k_htm                 XML     13K 
 9: EXCEL       IDEA Workbook of Financial Reports                  XLSX      8K 
 4: EX-101.DEF  XBRL Definitions -- jbht-20220927_def                XML     37K 
 5: EX-101.LAB  XBRL Labels -- jbht-20220927_lab                     XML     48K 
 6: EX-101.PRE  XBRL Presentations -- jbht-20220927_pre              XML     36K 
 3: EX-101.SCH  XBRL Schema -- jbht-20220927                         XSD     14K 
11: JSON        XBRL Instance as JSON Data -- MetaLinks               12±    19K 
12: ZIP         XBRL Zipped Folder -- 0001437749-22-023462-xbrl      Zip    182K

‘8-K’   —   Current Report

This is an HTML Document rendered as filed.  [ Alternative Formats ]

 iX:   C: 
 i false  i 0000728535 0000728535 2022-09-27 2022-09-27
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM  i 8-K
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  i September 27, 2022
 
 
 i J.B. HUNT TRANSPORT SERVICES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
 
 i Arkansas
 i 0-11757
 i 71-0335111
(State or other Jurisdiction of Incorporation or Organization
Commission File Number
(IRS Employer Identification No.)
     
     
 i 615 J.B. Hunt Corporate Drive
 i Lowell,  i Arkansas
 i 72745
( i 479)  i 820-0000
(Address of Principal Executive Offices)
(Zip Code)
(Registrant’s telephone number)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 i ☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 i ☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 i ☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))
 
 i ☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
 
Securities registered pursuant to Section 12(b) of the Exchange Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
 i Common Stock, $0.01 par value
 i JBHT
 i NASDAQ
 
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
 
Emerging growth company  i ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
ITEM 1.01.
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
 
See the information set forth in Item 2.03 of this current report on Form 8-K, which is incorporated by reference herein. 
 
ITEM 1.02.
TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
 
See the information set forth in Item 2.03 of this current report on Form 8-K, which is incorporated by reference herein.
 
ITEM 2.03.
CREATION OF A DIRECT FINANCIAL OBLIGATION
 
We entered into a $1.5 billion Amended and Restated Credit Agreement dated September 27, 2022, by and among J.B. Hunt Transport, Inc. as borrower, J.B. Hunt Transport Services, Inc. as parent guarantor, the lenders named therein, and Bank of America, N.A., as administrative agent. This new credit facility provides (i) a $1.0 billion revolving line of credit for a five-year term, expiring September 27, 2027, as to which the borrower may request an increase in the total commitment of up to $300 million (which, if fully exercised, would increase the revolving line of credit to $1.3 billion), and/or two one-year extensions of the maturity date (which, if fully exercised, would extend the revolving line of credit expiration date to September 27, 2029), and (ii) a commitment of the lenders, upon requests of the borrower during the nine-month period beginning September 27, 2022, to fund up to $500 million of term loans that, if and when so funded, would mature on September 27, 2025. The new credit facility requires us to maintain certain covenants and financial ratios. Borrowing costs are based on the Secured Overnight Financing Rate (SOFR), or a Base Rate, plus an applicable margin and other fees. The new credit facility contains customary default provisions and remedies, including a right to accelerate the payment of outstanding obligations. The terms and conditions are contained in the Amended and Restated Credit Agreement, which is attached as Exhibit 10.1. This new credit facility may be used for equipment purchases, repurchases of our common stock, refinancing existing senior debt and other working capital purposes. This new credit facility amends and restates, and therefore supersedes, our $750 million Credit Agreement dated September 25, 2018, by and among J.B. Hunt Transport, Inc. as borrower, J.B. Hunt Transport Services, Inc. as parent guarantor, the lenders named therein, and Bank of America, N.A., as administrative agent.
 
The foregoing summary of the Amended and Restated Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amended and Restated Credit Agreement, which is filed as Exhibit 10.1 and is incorporated by reference into this report.
 
ITEM 9.01.
FINANCIAL STATEMENTS AND EXHIBITS
 
(d)
Exhibits.
 
10.1
Amended and Restated Credit Agreement and related documents
 
104
Cover Page Interactive Data File (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 thereunto duly authorized on the 3rd day of October, 2022.
 
 
J.B. HUNT TRANSPORT SERVICES, INC.
BY:
/s/ John N. Roberts, III
John N. Roberts, III
Chief Executive Officer
    (Principal Executive Officer)  
       
       
  BY: /s/ John Kuhlow  
    John Kuhlow  
    Chief Financial Officer,  
    Executive Vice President  
    (Principal Financial Officer)  
 
 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
9/27/29
9/27/27
9/27/25
Filed on:10/3/22
For Period end:9/27/22
9/25/188-K
 List all Filings 

3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/23/24  J.B. Hunt Transport Svcs, Inc.    10-K       12/31/23   85:7.2M                                   RDG Filings/FA
 2/24/23  J.B. Hunt Transport Svcs, Inc.    10-K       12/31/22   84:6.8M                                   RDG Filings/FA
11/04/22  J.B. Hunt Transport Svcs, Inc.    10-Q        9/30/22   58:3.8M                                   RDG Filings/FA
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