Exhibit 99.1
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Media Contact: Dana Stelsel Director, Communications (765) 771-5766 dana.stelsel@wabashnational.com | | ![LOGO](https://capedge.com/proxy/8-K/0001193125-21-293275/g225919g1005232852083.jpg) |
Investor Relations:
Ryan Reed
Director, Corporate Development & Investor Relations
(765) 490-5664
ryan.reed@wabashnational.com
Wabash National Announces Closing of New Issuance of Senior Notes &
Amendment to Revolving Credit Facility
LAFAYETTE, Ind. – Oct. 6, 2021 – Wabash National Corporation (NYSE:WNC) today announced that it has successfully closed its previously announced offering of $400 million aggregate principal amount of senior unsecured notes due 2028 (the “Senior Notes”) and an amendment to its revolving credit facility. The new Senior Notes carry a coupon of 4.50% per annum and were sold at par. In addition to closing of the offering of the Senior Notes, Wabash National amended its existing revolving credit facility increasing the facility size by $50 million to $225 million. These transactions fortify Wabash National’s balance sheet with attractively priced, patient capital and represent another important step in the company’s transformative One Wabash approach to leveraging it’s first to final mile portfolio of equipment for organic growth.
Wabash National intends to use the net proceeds of the Notes offering and a portion of the increased capacity under the revolving credit facility to fund the redemption in full of its outstanding borrowings under its 5.50% Senior Notes due 2025 and to repay in full the outstanding borrowings under its Term Loan Credit Agreement due 2027 as well as pay all related fees and expenses.
“As Wabash has narrowed its strategic focus to being an innovation leader in the transportation, distribution and logistics industries, we have accelerated our opportunity for targeted growth including increasing our percentage of recurrent revenue in the business. Our exciting outlook is underpinned by a strong capital structure that allows us to invest in our business at all points of the transportation cycle, while also maintaining our dividend and evaluating opportunities for share repurchase and corporate growth,” said Mike Pettit, chief financial officer. “With unique opportunities to invest in capital projects with strong rates of return, these refinancing activities improve our potential to create value by further reducing our cost of capital.”
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About Wabash National Corporation
As the innovation leader of engineered solutions for the transportation, logistics and distribution industries, Wabash National Corporation (NYSE:WNC) is Changing How the World Reaches You™. Headquartered in Lafayette, Indiana, the company’s mission is to enable customers to succeed with breakthrough ideas and solutions that help them move everything from first to final mile. Wabash