Wabash National Announces Closure of Term Loan Facility
September 29 2020 - 6:50AM
Wabash National Corporation (NYSE: WNC) today announced the closure
of a new Term Loan due September 2027. The $150 million facility
priced at Libor plus 325 basis points inclusive of a Libor floor of
75 basis points and bears no restrictive financial covenants. The
Company intends to use the proceeds of the new loan to pay off its
existing $135 million Term Loan due March 2022. Remaining proceeds
have been used to pay related issuance costs and expenses as well
as repay $10 million of the Company’s high yield notes, which are
now its nearest maturity of outstanding debt, due October 2025.
“We were pleased that our recent offering saw heavy
oversubscription during the pricing process and appreciate our
debtholders’ solid understanding of our company’s strong financial
position and future prospects. We had the option to significantly
upsize our new term loan, but with an improving outlook for cash
generation we felt comfortable maintaining a similar size to our
prior facility,” said Mike Pettit, Senior Vice President and Chief
Financial Officer. “Wabash National’s performance has been
excellent throughout this challenging year and we’ve used this
temporary softening in market conditions to strategically realign
our organization so that we’re well prepared to accelerate in an
improved demand environment.”
About Wabash National Corporation As the
innovation leader of engineered solutions for the transportation,
logistics and distribution industries, Wabash National
Corporation (NYSE:WNC) is changing how the world reaches you.
Headquartered in Lafayette, Indiana, the company’s mission is
to enable customers to succeed with breakthrough ideas and
solutions that help them move everything from first to final
mile. Wabash National designs and manufactures a diverse
range of products, including: dry freight and refrigerated
trailers, platform trailers, bulk tank trailers, dry and
refrigerated truck bodies, 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®, Supreme®, Transcraft®, Walker Engineered Products, and
Walker Transport. Learn more at www.wabashnational.com.
Media Contact: Dana StelselDirector, Corporate
Communications (765)
771-5766dana.stelsel@wabashnational.comInvestor
Relations: Ryan ReedDirector, Investor Relations (765)
490-5664ryan.reed@wabashnational.com
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