Morgan Stanley Senior Funding acted as administrative agent for an amendment to transportation and logistics company XPO Logistics’ senior secured term loan credit agreement.

According to a related 8-K filing, as a result of the amendment, the outstanding $1.494 billion principal amount of term loans under the agreement were replaced with $1.503 billion in aggregate principal amount in new term loans. The new loans have substantially similar terms as the existing loans, except with respect to the interest rate and maturity date, prepayment premiums in connection with certain voluntary prepayments and certain other amendments to the restrictive covenants.

The interest rate margin for the new term loans was reduced from 1.25% to 1.00%, in the case of base rate loans, and from 2.25% to 2.00%, in the case of LIBOR loans (with the LIBOR floor remaining at 0.0%). Said loans will mature on February 23, 2025.

Proceeds from the new term loans were used to refinance the existing term loans and to pay interest, fees and expenses in connection therewith.

Wachtell, Lipton, Rosen & Katz acted as legal advisor to XPO in connection with the refinancing transactions.