LAFAYETTE, Ind., June 10, 2015 (GLOBE NEWSWIRE) -- Wabash National Corporation (“Wabash” or “the Company”) (NYSE:WNC) today announced that it has completed an amendment to its credit agreement with a group of lenders that provides the Company’s $150.0 million, asset-based, revolving credit facility. Among other things, the amendment will i) extend the maturity of the facility from May, 2017, to June, 2020; ii) provide for an increase in committed capital from the Company’s lenders of $25 million, to $175 million; iii) reduce interest rate margins by 25 basis points on borrowings; and, iv) reduce the unused line fee by 12.5 basis points to 25 basis points.
"We are very pleased that our ongoing strong business performance, financial position, and industry outlook, along with favorable market conditions in the asset-based lending market, have allowed us to amend and extend the Company’s revolving credit facility under these improved terms,” said Jeff Taylor, Wabash National Senior Vice President and Chief Financial Officer. “This action is another step in the execution of our strategy to manage the capital structure as well as to provide maximum flexibility and appropriate liquidity for the Company."
The amended, asset-based revolving facility was syndicated by Wells Fargo Capital Finance, LLC, which remains in its role as Administrative Agent in the amended facility.
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. The Company’s 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, bulk 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 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.
Media Contact: Dana Stelsel Corporate Communications Manager (765) 771-5766 firstname.lastname@example.org Investor Relations: Mike Pettit Vice President – Finance and Investor Relations (765) 771-5581 email@example.com
Source:Wabash National Corporation