Wabash National Announces Closing of New Issuance of Senior Notes & Amendment to Revolving Credit Facility
Wabash National Corporation (NYSE: WNC) has successfully completed a $400 million offering of senior unsecured notes due in 2028, priced at a 4.50% annual coupon. The company also amended its revolving credit facility, increasing it by $50 million to $225 million. These measures enhance Wabash's balance sheet, providing sustainable capital for growth. Proceeds will fund the full redemption of 5.50% Senior Notes due 2025 and repay borrowings under the Term Loan Credit Agreement due 2027. This strategic shift supports Wabash's focus on innovation in transportation and logistics.
- Successfully closed $400 million senior unsecured notes offering with a 4.50% coupon.
- Increased revolving credit facility by $50 million to $225 million.
- Strengthened balance sheet positions Wabash for organic growth.
- Proceeds will refinance existing higher-rate debt, reducing overall cost of capital.
- Support for strategic focus on becoming an innovation leader in transportation industries.
- None.
LAFAYETTE, Ind., Oct. 06, 2021 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE:WNC) today announced that it has successfully closed its previously announced offering of
Wabash National intends to use the net proceeds of the Notes offering and a portion of the increased capacity under the revolving credit facility to fund the redemption in full of its outstanding borrowings under its
“As Wabash has narrowed its strategic focus to being an innovation leader in the transportation, distribution and logistics industries, we have accelerated our opportunity for targeted growth including increasing our percentage of recurrent revenue in the business. Our exciting outlook is underpinned by a strong capital structure that allows us to invest in our business at all points of the transportation cycle, while also maintaining our dividend and evaluating opportunities for share repurchase and corporate growth,” said Mike Pettit, chief financial officer. “With unique opportunities to invest in capital projects with strong rates of return, these refinancing activities improve our potential to create value by further reducing our cost of capital.”
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 equipment. Its innovative products are sold under the following brand names: Wabash National®, Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®, Supreme®, Transcraft®, Walker Engineered Products, and Walker Transport. Learn more at www.wabashnational.com.
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, among other things, all statements regarding the Senior Notes, revolving credit facility and Term Loan Credit Agreement. 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. Without limitation, these risks and uncertainties include a continued or prolonged shutdown or reduction of our operations, substantially reduced customer orders or sales volumes and supply disruptions due to the coronavirus (COVID-19) outbreak, the continued integration of Supreme into the Company’s business, adverse reactions to the transaction by customers, suppliers or strategic partners, uncertain economic conditions including the possibility that customer demand may not meet our expectations, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company’s manufacturing operations and cost containment, dependence on industry trends and timing, supplier constraints, labor costs and availability, customer acceptance of and reactions to pricing changes and costs of indebtedness. 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.
Media Contact:
Dana Stelsel
Director, Communications
(765) 771-5766
dana.stelsel@wabashnational.com
Investor Relations:
Ryan Reed
Director, Corporate Development & Investor Relations
(765) 490-5664
ryan.reed@wabashnational.com
FAQ
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