Wabash National draws $45 million under revolver for added liquidity

By Marisa Wong

Los Angeles, April 16 – Wabash National Corp. said it drew $45 million under its revolving credit facility in March due to uncertainty caused by Covid-19.

The company’s total liquidity as of March 31 was $277 million, with $155 million of cash and cash equivalents and $122 million of available borrowings under its revolver.

“Wabash National is well-positioned from a liquidity perspective as we have prepared for an eventual downturn in our industry over the last two years. We recently bolstered our cash balance by drawing on our revolving credit facility and we expect existing cash on hand to be more than adequate to cover cash needs over this extraordinary period of time,” chief financial officer Mike Pettit commented in a press release.

“We have modeled numerous scenarios and we believe that even under the most extreme assumptions the company has sufficient liquidity to comfortably meet its cash obligations for at least the next 12 months.”

Lafayette, Ind.-based Wabash designs and manufactures products for the transportation, logistics and distribution industries.

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