Covenant Logistics extends $130M credit line to 2031
Covenant Logistics Group, Inc. amended its main credit facility through a Twenty-First Amendment to its Third Amended and Restated Credit Agreement with Bank of America, N.A., as agent and lender, and JPMorgan Chase Bank, N.A., as lender.
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Form Type
8-K
Rhea-AI Filing Summary
Covenant Logistics Group, Inc. amended its main credit facility through a Twenty-First Amendment to its Third Amended and Restated Credit Agreement with Bank of America, N.A., as agent and lender, and JPMorgan Chase Bank, N.A., as lender. The amendment increases the maximum revolving credit amount to $130,000,000, extends the facility’s maturity date to June 17, 2031, adds certain acquired subsidiaries as borrowers, and provides the company with additional flexibility to incur unsecured debt. The full amendment document will be included with the company’s Form 10-Q for the quarter ending June 30, 2026.
8-K Event Classification
Item 1.01 — Entry into a Material Definitive Agreement
1 item
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Key Figures
Maximum revolver amount: $130,000,000
Maturity date: June 17, 2031
2 metrics
Maximum revolver amount
$130,000,000
Increased under Twenty-First Amendment to Credit Agreement
Maturity date
June 17, 2031
Extended maturity of amended credit facility
Key Terms
Material Definitive Agreement, Third Amended and Restated Credit Agreement, revolver amount, unsecured debt
4 terms
Material Definitive Agreement regulatory
"Item 1.01 | Entry into a Material Definitive Agreement."
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
Third Amended and Restated Credit Agreement financial
"amended that certain Third Amended and Restated Credit Agreement"
revolver amount financial
"increased the maximum revolver amount to $130,000,000"
unsecured debt financial
"provided additional flexibility for the Company to incur unsecured debt"
Unsecured debt is borrowing that is not backed by specific assets or collateral, so the lender has no claim on property if the borrower can't pay. It matters to investors because unsecured creditors are paid after secured creditors in bankruptcy and typically face higher risk and interest rates; a company with a large amount of unsecured debt can signal greater default risk and affect the value and recoveries for both bondholders and shareholders—think of it as lending to someone without holding their keys as a backup.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What credit facility change did CVLG disclose in this 8-K?
Covenant Logistics Group amended its main credit agreement, increasing its revolving credit capacity and extending the maturity date, while adding acquired subsidiaries as borrowers and allowing more flexibility to take on unsecured debt.
How large is Covenant Logistics Group’s revised revolving credit facility?
The amendment increases Covenant Logistics Group’s maximum revolving credit amount to $130,000,000. This higher limit gives the company more borrowing capacity under its existing bank credit agreement with Bank of America and JPMorgan Chase.
When does Covenant Logistics Group’s amended credit facility mature?
The amended credit facility now has a maturity date of June 17, 2031. Extending this date provides Covenant Logistics Group with a longer-term funding commitment from its lenders under the revised agreement terms.
Which lenders are party to Covenant Logistics Group’s amended credit agreement?
Bank of America, N.A. acts as agent and lender, and JPMorgan Chase Bank, N.A. is also a lender. These institutions are parties to the Twenty-First Amendment to Covenant Logistics Group’s Third Amended and Restated Credit Agreement.
Did Covenant Logistics Group add any new borrowers under the amended credit agreement?
Yes. The amendment adds certain acquired subsidiaries of Covenant Logistics Group as borrowers. Including these subsidiaries allows them to access the credit facility directly under the consolidated corporate financing structure.
What additional flexibility does CVLG gain regarding unsecured debt?
The amendment provides Covenant Logistics Group with additional flexibility to incur unsecured debt. This means the company has more capacity to raise borrowings that are not secured by specific collateral, subject to the credit agreement’s terms.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 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):
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(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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| (Address of principal executive offices) | (Zip Code) |
(423 ) 821-1212
(Registrant's telephone number, including area code)
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:
| | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| | 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 Act: |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
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| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
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| | Emerging growth company |
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| 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. ☐ | |
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Item 1.01
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Entry into a Material Definitive Agreement.
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| Effective June 17, 2026, Covenant Logistics Group, Inc., a Nevada corporation (the “Company”), and substantially all of its direct and indirect wholly owned subsidiaries, entered into a Joinder, Supplement and Twenty-First Amendment to Third Amended and Restated Credit Agreement (the “Twenty-First Amendment”) with Bank of America, N.A., as agent (the “Agent”) and lender, and JPMorgan Chase Bank, N.A., as lender, which amended that certain Third Amended and Restated Credit Agreement, dated September 23, 2008, by and among the Company, substantially all of its direct and indirect wholly owned subsidiaries, the Agent, and the lenders from time to time party thereto, as amended from time to time (the “Credit Agreement”). Among other changes, the Twenty-First Amendment: (i) added certain acquired subsidiaries as borrowers; (ii) increased the maximum revolver amount to $130,000,000; (iii) extended the maturity date to June 17, 2031; and (iv) provided additional flexibility for the Company to incur unsecured debt. The foregoing summary of the terms and conditions of the Twenty-First Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Twenty-First Amendment, a copy of which will be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2026. | |
SIGNATURE
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.
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COVENANT LOGISTICS GROUP, INC.
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(Registrant)
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Date: June 23, 2026
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By:
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/s/ James S. Grant
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James S. Grant
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Executive Vice President and Chief Financial Officer
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