Moody’s assigns Wabash loan Ba3

Moody’s Investors Service said it assigned a Ba3 rating to Wabash National Corp.’s planned $150 million senior secured term loan due 2027. All other ratings of Wabash remain unchanged at this time.

Proceeds are expected to refinance Wabash’s $135 million term loan due 2022. Wabash will have no debt maturities until December 2023. Upon closing of the transaction, the rating of the term loan due 2022 will be withdrawn, Moody’s said.

“The excess proceeds of about $10.8 million (net of transaction fees and expenses) will be credited to cash but could be used to redeem some senior unsecured notes over the next year. Debt to-EBITDA (including Moody’s standard adjustments) will approximate 4x on a pro forma basis,” Moody’s said in a press release.

The outlook is stable.

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