LAFAYETTE, Ind., March 23, 2015 (GLOBE NEWSWIRE) -- 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.
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Source:Wabash National Corporation