Wabash National Corporation Enters into an Increase Agreement Regarding Incremental Revolver Commitments and Second Amendment to Second Amended and Restated Credit Agreement
September 29, 2021 at 03:38 pm IST
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On September 28, 2021, Wabash National Corporation entered into an Increase Agreement Regarding Incremental Revolver Commitments and Second Amendment to Second Amended and Restated Credit Agreement, which exercised an option under its existing revolving credit agreement to increase the total revolving credit commitments by $50 million from $175 million to $225 million. The ABL Credit Agreement continues to include an increase option, which would allow the Company, subject to certain terms and conditions set forth in the ABL Credit Agreement (including the approval of the lenders providing the applicable increase), to increase the total revolving credit commitments under the ABL Credit Agreement by a further $50 million to a maximum of $275 million. The Company expects to use a portion of the borrowings under the resulting additional credit availability, coupled with net proceeds from the Company’s issuance and sale of $400 million aggregate principal amount of the Company’s 4.50% Senior Notes due 2028, to fund the redemption in full of the Company’s outstanding 5.50% Senior Notes due 2025, to retire the balance of its existing term loan credit agreement and to pay all related fees and expenses.
Wabash National Corporation provides connected solutions for the transportation, logistics and distribution industries. The Company designs and manufactures products including dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, transportation, logistics, and distribution industry parts and services, and specialty food grade processing equipment. The Companyâs Transportation Solutions (TS) segment comprises the design and manufacturing operations for the Companyâs transportation-related equipment and products. This includes dry and refrigerated van trailers, platform trailers, tank trailers and truck-mounted tanks, truck-mounted dry and refrigerated truck bodies and EcoNex technology products. Its Parts & Services (P&S) segment is comprised of the Companyâs parts and services businesses as well as the upfitting component of truck bodies business. It also includes DuraPlate composite panels.
Wabash National Corporation Enters into an Increase Agreement Regarding Incremental Revolver Commitments and Second Amendment to Second Amended and Restated Credit Agreement