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Wabash National to launch $192.8 million term loan on Thursday
By Sara Rosenberg
New York, March 3 – Wabash National Corp. is scheduled to hold a lender call on Thursday to launch a $192.8 million senior secured term loan due 2022, according to sources.
Wells Fargo Securities LLC and Morgan Stanley Senior Funding Inc. are the joint lead arrangers and joint bookrunners on the deal.
Proceeds will be used to repay an existing term loan due May 8, 2019.
“We believe this new facility and the terms we seek to obtain will lower our balance sheet risk well into the future and provide the flexibility to execute our capital allocation strategy of maintaining strong liquidity, deleveraging our balance sheet, returning capital to shareholders, and investing in the business, both organically and strategically,” said Jeff Taylor, senior vice president and chief financial officer, in a news release.
Wabash is a Lafayette, Ind.-based diversified industrial manufacturer and a producer of semi-trailers and liquid transportation systems.
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