Wabash National Corporation (NYSE:WNC) has completed an amendment to its credit agreement with a group of lenders that provides the company’s $150-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.