Wabash National Corporation Announces Intent to Seek New Senior Secured Term Facility
March 03 2015 - 8:59AM
Wabash National Corporation ("Wabash" or "the Company") (NYSE:WNC)
today announced that on Thursday, March 5, 2015, it will launch a
process intended to secure a new, $192.8 million Senior Secured
Term Facility with an expected maturity in 2022, and the expected
inclusion of other terms and conditions similar to the Company's
existing Senior Secured Term Facility. The proceeds from a new
Facility will be used to repay in full the outstanding balance on
the Company's existing Senior Secured Term Facility, which matures
on May 8, 2019. The process for the new Senior Secured Term
Facility will be arranged by Wells Fargo Securities, LLC, and
Morgan Stanley Senior Funding, Inc., as joint lead arrangers and
joint bookrunners.
Jeff Taylor, Senior Vice President and Chief Financial Officer,
said, "Wabash National's strong business performance, robust
industry outlook, and solid financial position provide the
opportunity to take this action as part of our ongoing commitment
to prudently manage the overall financial risks of the Company and
strengthen shareholder value. We believe this new facility and the
terms we seek to obtain will lower our balance sheet risk well into
the future and provide the flexibility to execute our capital
allocation strategy of maintaining strong liquidity, deleveraging
our balance sheet, returning capital to shareholders, and investing
in the business, both organically and strategically."
Safe Harbor
Statement
This press release contains certain forward-looking statements
as defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements convey the Company's current
expectations or forecasts of future events. All statements
contained in this press release other than statements of historical
fact are forward-looking statements. These forward-looking
statements include statements about the ability to enter into a new
senior secured term facility and the terms of that
facility. These and the Company's other forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those implied
by the forward-looking statements, including factors specific to
the Company and to the credit market generally. Readers should
review and consider the various disclosures made by the Company in
this press release and in the Company's reports to its stockholders
and periodic reports on Forms 10-K and 10-Q.
About Wabash National Corporation
Headquartered in Lafayette, Indiana, Wabash National Corporation
(NYSE:WNC) is a diversified industrial manufacturer and North
America's leading producer of semi-trailers and liquid
transportation systems. Established in 1985, the Company
specializes in the design and production of dry freight vans,
refrigerated vans, platform trailers, liquid tank trailers,
intermodal equipment, engineered products, and composite
products. Its innovative products are sold under the following
brand names: Wabash National®, Transcraft®, Benson®, DuraPlate®,
ArcticLite®, Walker Transport, Walker Defense Group, Walker Barrier
Systems, Walker Engineered Products, Brenner® Tank, Beall®,
Garsite, Progress Tank, TST®, Bulk Tank International and Extract
Technology®. To learn more, visit www.wabashnational.com.
CONTACT: Media Contact:
Dana Stelsel
Corporate Communications Manager
(765) 771-5766
dana.stelsel@wabashnational.com
Investor Relations:
Mike Pettit
Vice President - Finance and Investor Relations
(765) 771-5581
michael.pettit@wabashnational.com
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