Wabash National replaces revolver with $150 million five-year facility

By Susanna Moon

Chicago, June 28 - Wabash National Corp. obtained a $150 million five-year revolving credit facility with an option to increase the commitments to $200 million, according to an 8-K filing with the Securities and Exchange Commission.

Interest will be Libor plus 200 basis points to 250 bps, based on the average daily unused availability.

There is a monthly unused fee of 37.5 bps.

Wabash entered into a credit agreement with Wells Fargo Capital Finance, LLC as joint lead arranger, joint bookrunner and administrative agent Tuesday.

RBS Citizens Business Capital, a division of RBS Citizens, NA, is joint lead arranger, joint bookrunner and syndication agent.

The agreement replaces the company's $100 million revolver with Bank of America, NA as a lender and as agent.

Up to $15 million of the new revolver will be available for issuing letters of credit, and up to $10 million may be used for swingline loans.

There is a minimum fixed-charge coverage ratio of 1.1 to 1.0 at the end of any fiscal 12-month period when availability under the revolver is less than 12.5% of the total revolving commitment.

If availability under the revolver is less than 15% of the total revolving commitment or if there exists an event of default, amounts in any of the borrowers' and the guarantors' deposit accounts will be transferred daily into a blocked account held by the agent and applied to reduce the outstanding amounts under the revolver, the filing noted.

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

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