Wabash National gets $450 million bridge loan commitment

By Sara Rosenberg

New York, March 27 - Wabash National Corp. has received a commitment for a $450 million four-year senior secured bridge loan, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are the lead banks on the deal.

The bridge loan may be replaced with debt, equity, equity-linked securities, a first-lien term B and/or a second-lien term loan.

Proceeds will be used to fund the purchase of Walker Group Holdings LLC, a New Lisbon, Wis.-based manufacturer of liquid-transportation systems and engineered products, for $360 million.

Closing is expected in the second quarter, subject to regulatory approval.

In addition, the company plans on amending its asset-based revolver to allow for the acquisition, the bridge loan and the issuance of other securities.

In case an amendment can't be obtained, the company has received a commitment from Morgan Stanley and Wells Fargo for a new five-year asset-based revolver to replace the existing facility.

Wabash is a Lafayette, Ind.-based manufacturer of semi trailers.

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