LAFAYETTE, Ind., Sept. 29, 2020 (GLOBE NEWSWIRE) -- 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.
Director, Corporate Communications
Director, Investor Relations