Wabash amends loan to boost revolver size to $200 million

By Jennifer Chiou

New York, Sept. 26 - Wabash National Corp. amended its credit facility, augmenting available borrowings under the revolver to $200 million from $150 million, according to an 8-K filed with the Securities and Exchange Commission.

The amendment requires that no later than May 1, 2008, the company do one or more of the following:

• Repurchase all or a portion of its $125 million senior convertible notes due August 2008 with the proceeds of a convertible note offering or proceeds from the revolver, as long as Wabash has availability of at least $40 million after the payment;

• Defease any outstanding debt for the convertibles, again conditioned on at least $40 million of availability under the revolver; or

• Institute cash reserves equal to any outstanding principal balance of the convertibles that will remain in place until the notes are paid in full.

As of Sept. 24, the company had about $184 million available for borrowings under the amended facility.

Wabash is a Lafayette, Ind., manufacturer and marketer of standard and customized truck trailers and intermodal equipment.

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