Wabash National Corporation Completes Repricing of Senior Secured Term Loan
February 27 2017 - 8:43AM
Wabash National Corporation (NYSE:WNC) has completed an
amendment to reprice its senior secured Term Loan Credit Agreement
which at current interest rates would be expected to reduce annual
cash interest costs by approximately $1.3 million. As a result of
this amendment, which became effective on February 24, 2017, the
company’s credit agreement will be priced at LIBOR plus 275 basis
points and no longer subject to a LIBOR floor. Prior to this
amendment, the term loan was priced at LIBOR plus 325 basis points,
subject to a minimum LIBOR floor of 100 basis points. The company
has approximately $189.5 million outstanding on the term loan which
matures in 2022.
Jeff Taylor, Senior Vice President and Chief Financial Officer,
commented, “Managing our capital structure to be as effective and
efficient as possible is an important component of our corporate
strategy. This term loan repricing is a great example of
further optimizing our borrowing costs by taking advantage of our
strong financial performance and favorable market conditions.”
The Amended Term Loan facility was completed with Wells Fargo
Securities, LLC acting as sole lead arranger and sole
bookrunner.
Safe Harbor StatementThis 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. The Company’s 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 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 in
Lafayette, Indiana, the company manufactures a diverse range of
products, including: dry freight and refrigerated trailers,
platform trailers, bulk tank trailers, dry and refrigerated truck
bodies, truck-mounted tanks, intermodal equipment, aircraft
refueling equipment, structural composite panels and products,
trailer aerodynamic solutions, and specialty food grade and
pharmaceutical equipment. Its innovative products are sold under
the following brand names: Wabash National®, Beall®, Benson®,
Brenner® Tank, Bulk Tank International, DuraPlate®, Extract
Technology®, Garsite, Progress Tank, Transcraft®, Walker Engineered
Products, and Walker Transport. Learn more at
www.wabashnational.com.
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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