Moody’s rates Wabash notes B2

Moody's Investors Service said it affirmed the B1 corporate family rating and B1-PD probability of default rating of Wabash National Corp.

Concurrently, Moody's assigned a B2 rating to Wabash's new $400 million senior notes due 2028.

The outlook remains stable.

Proceeds from the proposed notes are expected to refinance Wabash's outstanding $315 million senior notes due 2025, repay the $109 million term loan B and pay fees and expenses.

Upon closing of the transaction, Moody’s ratings on the existing senior notes and senior secured term loan B will be withdrawn.

“The affirmation of the CFR reflects Moody's expectation that the company will continue its solid performance into 2022, after expectations of achieving double digit revenue growth in 2021,” the agency said in a news release.

“This performance will drive deleveraging and growth in free cash flow over the next 12 to 18 months.”

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