Wabash National Corporation Closes New Senior Secured Term Facility
March 23 2015 - 7:30AM
Wabash National Corporation ("Wabash" or "the Company") (NYSE:WNC)
today announced that it 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.
Safe Harbor Statement
This 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. These forward-looking
statements include statements about the ability to enter into a new
senior secured term facility and the terms of that
facility. These and the Company's other 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
Headquartered in Lafayette, Indiana, 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, 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. Its innovative products are sold under the following
brand names: Wabash National®, Transcraft®, Benson®, DuraPlate®,
ArcticLite®, Walker Transport, Walker Defense Group, Walker Barrier
Systems, Walker Engineered Products, Brenner® Tank, Beall®,
Garsite, Progress Tank, TST®, Bulk Tank International and Extract
Technology®. To learn more, visit www.wabashnational.com.
CONTACT: 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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