WABASH NATIONAL CORPORATION (NYSE:WNC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On May 3, 2017, Wabash National Corporation (the Company, Wabash
or we) entered into the Second Amendment to Amended and Restated
Credit Agreement (the Second Amendment) by and among the Company,
certain of its subsidiaries party thereto, Wells Fargo Capital
Finance, LLC, as administrative agent (the Agent) and the other
Lenders party thereto. The Second Amendment amends the Amended
and Restated Credit Agreement, dated as of May 8, 2012 (the ABL
Credit Agreement), among the Company, certain of its subsidiaries
from time to time party thereto, the several lenders from time to
time party thereto, and the Agent, as amended by a Joinder and
First Amendment to Amended and Restated Credit Agreement, First
Amendment to Amended and Restated Security Agreement and First
Amendment to Amended and Restated Guaranty Agreement, dated as of
June 4, 2015 (the First Amendment). The ABL Credit Agreement,
which was described in, and attached as an exhibit to, our
Current Report on Form 8-K filed on May 14, 2012 (the Original
Form 8-K), provided, among other things, for a five-year $150
million senior secured revolving credit facility. Under the First
Amendment, which was described in, and attached as an exhibit to,
our Current Report on Form 8-K filed on June 10, 2015 (the First
Amendment Form 8-K), the Lenders agreed to increase the total
commitment under the ABL Credit Agreement to $175 million, extend
the maturity date to June 4, 2020 and amend the interest rate and
certain financial covenants under the ABL Credit Agreement.
The Second Amendment provides for revisions to the asset sale and
lien covenants that conform certain provisions of the ABL Credit
Agreement to corresponding provisions of the Companys term loan
facility with Morgan Stanley Senior Funding, Inc., as
administrative agent, by, among other things, (i) increasing
amounts allowed per calendar year for certain asset sales from
$20,000,000 to the greater of $30,000,000 and 5.0% of
consolidated tangible assets, (ii) permitting the proceeds of
such increased amount of asset sales to be reinvested in lieu of
making mandatory prepayments of indebtedness and (iii) increasing
the time permitted for incurring purchase money debt following
the acquisition of assets financed thereby from 20 days to 180
days.
Except as amended by the Second Amendment, the remaining terms of
the ABL Credit Agreement remain in full force and effect.
The foregoing descriptions of the ABL Credit Agreement, the First
Amendment and the Second Amendment do not purport to be complete
and are qualified in their entirety by reference to the full text
of each of the ABL Credit Agreement, the First Amendment and the
Second Amendment, which are attached to the Original Form 8-K as
Exhibit 10.1, the First Amendment Form 8-K as Exhibit 10.1 and
this Current Report as Exhibit 10.1, respectively.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
| 10.1 |
Second Amendment to Amended and Restated Credit Agreement, dated May 3, 2017, by and among Wabash National Corporation, certain of its subsidiaries party thereto, Wells Fargo Capital Finance, LLC, as administrative agent and the other Lenders party thereto |
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. WABASH NATIONAL CORPORATION (NYSE:WNC) Recent Trading Information
WABASH NATIONAL CORPORATION (NYSE:WNC) closed its last trading session up +0.25 at 22.09 with 581,118 shares trading hands.
