LAFAYETTE, Ind., Feb. 27, 2017 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE:WNC) has completed an amendment to reprice its senior secured Term Loan Credit Agreement which at current interest rates would be expected to reduce annual cash interest costs by approximately $1.3 million. As a result of this amendment, which became effective on February 24, 2017, the company’s credit agreement will be priced at LIBOR plus 275 basis points and no longer subject to a LIBOR floor. Prior to this amendment, the term loan was priced at LIBOR plus 325 basis points, subject to a minimum LIBOR floor of 100 basis points. The company has approximately $189.5 million outstanding on the term loan which matures in 2022.
Jeff Taylor, Senior Vice President and Chief Financial Officer, commented, “Managing our capital structure to be as effective and efficient as possible is an important component of our corporate strategy. This term loan repricing is a great example of further optimizing our borrowing costs by taking advantage of our strong financial performance and favorable market conditions.”
The Amended Term Loan facility was completed with Wells Fargo Securities, LLC acting as sole lead arranger and sole bookrunner.
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
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 in Lafayette, Indiana, the company manufactures a diverse range of products, including: dry freight and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, truck-mounted tanks, intermodal equipment, aircraft refueling equipment, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment. Its innovative products are sold under the following brand names: Wabash National®, Beall®, Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®, Extract Technology®, Garsite, Progress Tank, Transcraft®, Walker Engineered Products, and Walker Transport. Learn more at www.wabashnational.com.
Corporate Communications Manager
Vice President – Finance and Investor Relations
Wabash National Corporation