FOR IMMEDIATE RELEASE
Contact: Mark R. Holden
765-771-5310
WABASH NATIONAL CORPORATION
ANNOUNCES PRICING OF $100 MILLION CONVERTIBLE SENIOR UNSECURED NOTE OFFERING
LAFAYETTE, INDIANA, July 28, 2003 . . . Wabash National Corporation (NYSE: WNC) today announced that it has entered into an agreement, subject to standard closing conditions, for the sale of $100 million of 3.25% convertible senior unsecured notes due 2008 in a Rule 144A offering. Wabash National has granted the Initial Purchasers a 30-day option to purchase up to an additional $25 million of notes. The transaction is expected to close on or about August 1, 2003. Wabash National intends to use the net proceeds from this offering to repay a portion of its outstanding indebtedness.
The notes will be convertible under certain circumstances into shares of Wabash National’s common stock at an initial conversion rate of 52.0833 shares per $1,000 principal amount of notes. This represents a conversion price of $19.20 per common share, or a conversion premium of 25%. The notes bear interest at 3.25% per annum payable semi-annually.
The notes and the shares of common stock of Wabash National issuable upon the conversion of the notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. This press release does not constitute an offer to sell or solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
Wabash National Corporation designs, manufactures, and markets standard and customized truck trailers under the Wabash™ brand name. The Company is one of the world’s largest manufacturers of truck trailers and a leading manufacturer of composite trailers. The Company’s wholly owned subsidiary, Wabash National Trailer Centers, is one of the leading retail distributors of new and used trailers and aftermarket parts throughout the U.S. and Canada.
This press release contains forward-looking statements that involve risks and uncertainties, including those described in the section entitled “Risk Factors” contained in the Company’s 2002 Annual Report on Form 10-K filed with the SEC, that could cause the Company’s actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements.
