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Wabash National flexes $192.8 million term loan to Libor plus 325 bps
By Sara Rosenberg
New York, March 12 – Wabash National Corp. lowered pricing on its $192.8 million senior secured term loan (BB) due 2022 to Libor plus 325 basis points from Libor plus 350 bps, according to a market source.
The term loan still has a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for one year.
Wells Fargo Securities LLC and Morgan Stanley Senior Funding Inc. are the joint lead arrangers and joint bookrunners on the deal.
Proceeds will be used to repay an existing term loan due May 8, 2019.
Wabash is a Lafayette, Ind.-based diversified industrial manufacturer and a producer of semi-trailers and liquid transportation systems.
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