Wabash National Co.

Wabash National has completed the sixth amendment to its credit agreement and obtained a $300 million revolving credit facility with an option for an additional $175 million. The facility matures on Aug. 12, 2031, is secured by movable assets and includes customary covenants as well as a minimum liquidity requirement of $90 million until certain financial metrics are met. Interest will be calculated, at the company’s option, based on Term-SOFR or a base rate plus variable margins; additional sub-facilities for letters of credit and swingline loans are provided. The arrangement comes against a backdrop of total debt of $545 million, a market capitalization of $507 million and a financial position described as “weak”; the company also reported Q2 revenue above expectations but an adjusted loss per share. » Altro su de.investing.com

Wabash has announced a privately placed, unsecured convertible note of $130 million maturing August 1, 2032 with a 4.00% coupon; the offering size was increased from an initial $100 million. The initial conversion rate corresponds to a conversion price of about $16.75 per share (approximately a 32.5% premium to the most recently reported closing price). The company expects net proceeds of around $122 million (up to roughly $141 million if the overallotment option is fully exercised) and intends to use the funds, among other things, to repay indebtedness. Wabash has high leverage (total debt $531 million versus a market capitalization of $514 million), which explains the financing focus on debt reduction. » Altro su de.investing.com

S&P Global Ratings has downgraded Wabash National’s rating from B to B- and its corporate bond rating to CCC+ with a negative outlook. The move reflects weaker profitability, strained liquidity and increased refinancing risk from large debt maturities in 2027/2028, as well as expected free operating cash flow deficits of $60–70 million through 2026. S&P forecasts lower deliveries in 2026, low EBITDA margins and higher leverage, but expects margins and leverage to improve in 2027. » Altro su de.investing.com