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Wabash National Closes New $192.8MM Senior Secured Term Facility

March 24, 2015, 07:21 AM
Filed Under: Manufacturing

Wabash National Corporation has closed on a new, $192.8 million Senior Secured Term Facility with a maturity in March, 2022. The proceeds from the new facility have been used to repay in full the outstanding balance on the Company's previous Senior Secured Term Facility which was scheduled to mature in May, 2019. The new facility was issued without any financial covenants and an interest rate reduction of 25 basis points compared to the previous facility.

"We are extremely pleased that our strong business performance, financial position, and industry outlook were recognized by the capital markets and allowed us the opportunity to refinance the term loan under these favorable terms which included extending the maturity date, removing the last financial covenant, and lowering the interest rate," said Jeff Taylor, Wabash National Senior Vice President and Chief Financial Officer. "This action is another step of our overall strategy to manage the capital structure and provide maximum flexibility for the Company."

The issuance of the new Senior Secured Term Facility was arranged by Wells Fargo Securities, LLC, and Morgan Stanley Senior Funding, Inc., as joint lead arrangers and joint bookrunners.

Headquartered in Lafayette, IN, Wabash National Corporation 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.

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