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Wabash National firms $300 million term loan at Libor plus 350 bps
By Sara Rosenberg
New York, April 23 - Wabash National Corp. finalized pricing on its $300 million term loan at Libor plus 350 basis points, the tight end of the Libor plus 350 bps to 375 bps talk, according to a market source.
As before, the loan has a 1% Libor floor, a par offer price and 101 soft call protection until May 2014.
Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are the lead banks on the deal.
Proceeds will be used to reprice an existing term loan from Libor plus 475 bps with a 1.25% Libor floor.
With the repricing, the company is removing an interest coverage covenant and keeping its leverage covenant.
Allocations are expected to go out on Thursday, the source added.
Wabash is a Lafayette, Ind.-based manufacturer of semi-trailers.
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