Wabash cuts spread on $150 million term loan B to Libor plus 325 bps

By Sara Rosenberg

New York, Sept. 17 – Wabash National Corp. reduced pricing on its $150 million seven-year covenant-lite term loan B (Ba3/BB-) to Libor plus 325 basis points from talk in the range of Libor plus 350 bps to 375 bps, according to a market source.

In addition, the Libor floor on the term loan was changed to 0.75% from 1%, the source said.

As before, the term loan has an original issue discount of 99, 101 soft call protection for six months and amortization of 1% per annum.

Security is a second priority lien on ABL collateral and a first lien on substantially all other assets excluding real estate.

Wells Fargo Securities LLC and J.P. Morgan Securities LLC are the lead arrangers on the deal.

Commitments remained due at noon ET on Thursday, the source added.

Proceeds will be used to refinance an existing term loan B due 2022 and for general corporate purposes.

Wabash is a Lafayette, Ind.-based manufacturer of commercial trailer products.

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