LAFAYETTE, Ind., September 29, 2020 (GLOBE NEWSWIRE) – Wabash National Corporation (NYSE: WNC) today announced the completion of a new term loan due in September 2027, a Libor floor of 75 basis points and no restrictive financial covenants . The company intends to use the proceeds of the new loan to repay its existing fixed-term loan of 135 million which is now the next outstanding debt maturity, which is due in October 2025.
“We were pleased that our most recent offer was heavily oversubscribed during the pricing process and appreciate our debtors’ solid understanding of our company’s strong financial position and future prospects. We have had the opportunity to significantly increase our new term loan, but given the improving cash generation outlook, we felt comfortable keeping a similar size to our previous facility, ”said Mike Pettit, senior vice president and chief financial officer. “Wabash National’s performance in this challenging year has been outstanding and we have used this temporary slowdown in market conditions to strategically realign our organization so that we are well prepared to accelerate in an improved demand environment.”
About the Wabash National Corporation
As the innovation leader in engineering solutions for the transportation, logistics and distribution industries, Wabash National Corporation (NYSE: WNC) is changing the way the world reaches you. Headquartered in Lafayette, Indiana, the company is dedicated to helping customers succeed with breakthrough ideas and solutions that will help them get everything from the first mile to the last. Wabash National develops and manufactures a diverse range of products including: dry cargo and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, structural composite panels and products, aerodynamic trailer solutions, and specialty equipment for food and pharmaceuticals. Its innovative products are marketed under the following brand names: Wabash National®, Be everything®, Benson®, Burner® Tank, Bulk Tank International, DuraPlate®, Extraction technology®, Supreme®, Transcraft®, Walker Engineered Products and Walker Transport. Learn more at www.wabashnational.com.
Director, corporate communications
Director, Investor Relations