Echo Global Logistics, Inc. announced with reference transactions contemplated by the Agreement and Plan of Merger, dated as of September 9, 2021 by and among Echo Global Logistics, Inc. (Echo), Einstein Midco, LLC, a Delaware limited liability company (Parent), Einstein Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent. Pursuant to the terms and conditions set forth in the Merger Agreement, on the Closing Date, Merger Sub merged with and into the Company, with the Company continuing as the surviving corporation. As a result of the Merger, the Company became a wholly owned subsidiary of the Parent. Parent and Merger Sub are owned and controlled by funds managed by The Jordan Company, L.P. Capitalized terms used herein but not otherwise defined have the meaning set forth in the Merger Agreement. On the Closing Date, in connection with the completion of the Merger, Echo entered into a new $675 million first lien credit facility with Credit Suisse AG, Cayman Islands Branch, as administrative agent for the lenders. Echo also entered into a new $135 million second lien credit facility with Barings Finance LLC, as administrative agent for the lenders. The First Lien Credit Agreement includes two categories of borrowings: (a) the initial term loans in an aggregate principal amount of $575 million and (b) the revolving commitments in an aggregate principal amount not to exceed $100 million. The Initial Term Loans are scheduled to expire in November 2028 and the Revolving Commitments are scheduled to expire in November 2026. The $135 million Initial Term Loans under the Second Lien Credit Agreement is scheduled to expire in November 2029. Each Credit Agreement may be used to finance the transactions, refinance existing indebtedness and for working capital, capital expenditures and other general corporate purposes. The Credit Agreements will replace the Company's existing $100 million secured revolving credit facility with PNC Bank, National Association that was scheduled to expire in October 2023. Unless the company elects otherwise under the Credit Agreements, interest on borrowings under (I) the First Lien Credit Agreement are based on the highest of (a) the adjusted LIBO rate plus 3.75% or (b) the alternate base rate plus 2.75% and (II) the Second Lien Credit Agreement are based on the highest of (a) the adjusted LIBO rate plus 7.25% or (b) the alternate base rate plus 6.25%. In each case, borrowings under the Credit Agreements are subject to step-downs ranging from 0.25% to 0.50% depending on the Company?s First Lien net leverage ratio or secured net leverage ratio, as set forth in the applicable Credit Agreement.