Wabash National closes investment for $35 million capital infusion
Aug 1, 2009 12:00 PM
Wabash National Corporation has successfully closed the previously announced $35 million investment in the company by Trailer Investments LLC, an entity formed for this purpose by Lincolnshire Equity Fund III LP, a private equity investment fund managed by Lincolnshire Management Inc.
As part of the investment, the company issued Series E, Series F, and Series G redeemable preferred stock to Trailer Investments, as well as a warrant that is immediately exercisable for common stock representing 44.21% of the issued and outstanding common stock of the company, subject to certain upward adjustments.
An amended and restated loan and security agreement, which amended and restated the company's prior revolving credit facility, also became effective upon completion of the investment. The revolving credit facility, as amended, now provides for borrowings of up to $100 million, subject to a borrowing base and applicable reserves.
In connection with the proposed investment, the company increased the size of its board of directors to 12 members and appointed these designees of Trailer Investments: Thomas J Maloney, Michael J Lyons, Vineet Pruthi, James G Binch, and Andrew C Boynton. Maloney, Lyons, Pruthi, and Binch are principals of Lincolnshire Management, and Boynton is the dean of Boston College's Carroll School of Management.
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