Wabash National Corporation (NYSE:WNC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement
Amendments to ABL Credit Agreement and the Term Loan Credit Agreement
On August 16, 2017, Wabash National Corporation (the “Company”) entered into the Third Amendment (“ABL Third Amendment”) to the Amended and Restated Credit Agreement, dated as of May 8, 2012, among the Company, certain of its subsidiaries from time to time party thereto, Wells Fargo Capital Finance, LLC, as administrative agent, and the several lenders from time to time party thereto. The ABL Credit Agreement provides for, among other things, (x) a $175 million senior secured revolving credit facility that matures on June 4, 2020, subject to certain springing maturity events and (y) an uncommitted accordion feature allowing for an increase to the availability under the revolving credit facility of up to $50 million, subject to certain conditions.
On August 18, 2017, the Company entered into Amendment No. 4 (“Term Loan Amendment No. 4,” and collectively with the ABL Third Amendment, the “Amendments”) to the Credit Agreement, dated as of May 8, 2012, among the Company, Morgan Stanley Senior Funding, Inc., as administrative agent, and the several lenders from time to time party thereto. The Term Loan Credit Agreement provides for, among other things, (x) a $189.5 million senior secured term loan that matures on March 19, 2022, subject to certain springing maturity events, and (y) an uncommitted accordion feature allowing for additional senior secured term loans of up to $75 million, subject to certain conditions.
The Amendments permit the Company to proceed with the previously announced acquisition of Supreme Industries, Inc. (the “Acquisition”) and (x)issue equity-linked or debt securities (the “Securities Offering”) or (y) incur term loans or undertake other similar credit facilities or debt financings (the “Acquisition Loans”), in an aggregate principal amount not to exceed $325 million, the proceeds of which are to be used, among other things, to consummate the Acquisition. In addition, the Amendments permit the Company to enter into a senior unsecured bridge credit facility of up to $300 million (the “Acquisition Bridge Facility”) to be used to consummate the Acquisition in the event that the proceeds from either the Securities Offering or the Acquisition Loans are not available to the Company at the time of the consummation of the Acquisition. The Amendments also permit the Company to incur certain liens and debt to be acquired by the Company in connection with the Acquisition.
The foregoing description of the Amendments does not purport to be complete and is qualified in its entirety by reference to the full text of the ABL Third Amendment and the Term Loan Amendment No.4, which are attached to this Current Report as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
| 10.1 | Third Amendment to Amended and Restated Credit Agreement, dated August 16, 2017, by and among Wabash National Corporation, certain of its subsidiaries party thereto, Wells Fargo Capital Finance, LLC, as arranger and administrative agent, and each lender party thereto. |
| 10.2 | Amendment No. 4 to Credit Agreement, dated August 18, 2017, by and among Wabash National Corporation, certain of its subsidiaries party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and each lender party thereto. |
WABASH NATIONAL CORP /DE ExhibitEX-10.1 2 t1702437_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 EXECUTION VERSION THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment") is entered into as of August 16,…To view the full exhibit click here
About Wabash National Corporation (NYSE:WNC)
Wabash National Corporation is engaged in designing, manufacturing and marketing standard and customized truck and tank trailers, intermodal equipment and transportation related products. The Company’s segments include Commercial Trailer Products, Diversified Products, Retail, and Corporate and Eliminations. The Commercial Trailer Products segment manufactures standard and customized van and platform trailers. The Commercial Trailer Products segment produces and sells new trailers to the Retail segment and to customers who purchase trailers directly from the Company or through independent dealers. The Diversified Products segment focuses to expand its customer base, and diversify its product offerings and revenues. The Retail segment includes the sale of new and used trailers, as well as the sale of after-market parts and service, through its retail branch network. It offers products under the brand names, including Walker Transport, Brenner Tank, DuraPlate and Beall Trailers.
