New Issue: Wabash National prices $325 million 5½% eight-year notes at par

By Paul A. Harris

Portland, Ore., Sept. 15 – Wabash National Corp. priced a $325 million issue of eight-year senior notes (B1/B+) at par to yield 5½% on Friday, according to a syndicate source.

The yield printed at the tight end of yield talk in the 5 5/8% area.

Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint bookrunners.

The Lafayette, Ind.-based diversified industrial manufacturer plans to use the proceeds to fund its acquisition of Goshen, Ind.-based Supreme Industries, Inc., a manufacturer of truck bodies.

Issuer:	Wabash National Corp.
Amount:	$325 million
Maturity:	Oct. 1, 2025
Securities:	Senior notes
Bookrunners:	Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
Co-managers:	BMO Capital Markets, Citizens, PNC Capital Markets LLC
Coupon:	5½%
Price:	Par
Yield:	5½%
Spread:	338 bps
First call:	Make-whole call at Treasuries plus 50 bps until Oct. 1, 2020, then callable at 102.75
Equity clawback:	40% at 105.5 until Oct. 15, 2020
Trade date:	Sept. 15
Settlement date:	Sept. 26
Ratings:	Moody's: B1
	S&P: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	5 5/8% area
Marketing:	Roadshow

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