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Wabash National boosts five-year revolver commitments to $175 million
By Susanna Moon
Chicago, Aug. 22 - Wabash National Corp. said it amended its credit agreement Monday, adding $25 million of commitments to the revolving credit facility to bring the total amount to $175 million.
Wabash could request up to two increases to the revolver in minimum increments of $25 million, according to a company press release.
The company obtained the $150 million five-year revolver on June 28 with an option to boost the commitments to $200 million.
All lenders under the agreement agreed to participate in the revolver increase, the release said.
As previously noted, interest is 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 in June with Wells Fargo Capital Finance, LLC as joint lead arranger, joint bookrunner and administrative agent.
RBS Citizens Business Capital, a division of RBS Citizens, NA, is joint lead arranger, joint bookrunner and syndication agent.
The agreement replaced 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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