Wabash to Enter into $150 Million Revolving Credit Facility
Jun 24, 2011 11:03 AM
Wabash National Corporation (NYSE: WNC) plans to enter into a new $150 million revolving credit facility with a group of lenders led by Wells Fargo Capital Finance, LLC, part of Wells Fargo & Company (NYSE: WFC), acting as administrative agent and joint lead arranger and joint lead book runner with RBS Citizens Business Capital, a division of RBS Citizens, N.A.
Wabash expects to enter into the new facility prior to June 30. The new credit facility, which will mature in five years, will replace the company’s existing revolving credit facility, will increase the company’s borrowing capacity under its credit facility from $100 million to $150 million, subject to a borrowing base, and will reduce borrowing costs relative to the previous facility.
The new facility also will provide an option to increase the total facility borrowing capacity up to $200 million, subject to a borrowing base and lender agreement.
“This revolving credit facility is another important step in improving the company’s strategic capital structure,” said Mark Weber, Senior Vice President and Chief Financial Officer. “The new credit facility will provide for a potential doubling of the company’s borrowing capacity, thereby allowing the flexibility to continue to execute against our long-term growth strategy and capitalize on the continued momentum our business and industry are experiencing."
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