Rush Enterprises readies credit agreement for Libor cessation

Chicago, June 6 – Rush Enterprises, Inc. amended its floor plan credit agreement and its wholesale financing and security agreement to prepare for the cessation of Libor as a benchmark rate, according to an 8-K filing with the Securities and Exchange Commission.

The first amendment to the fifth amended and restated credit agreement with BMO Harris Bank, NA as administrative agent and collateral agent will now have interest based on SOFR plus 120 basis points, with a 0% floor.

Subsidiary Rush Truck Centres of Canada Ltd. amended and restated its wholesale financing and security agreement with BMO to similarly transition the rate to SOFR plus 120 bps for advances made in dollars.

The amendments were effective May 31.

Rush Enterprises owns and operates a network of commercial vehicle dealerships. It is based in New Braunfels, Tex.

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