Wabash National Corp. has completed the sale of substantially all of the assets of its trailer leasing and rental, and wholesale aftermarket parts distribution businesses to Aurora Trailer Holdings, LLC.
In addition, the company announced it has also closed on its new bank financing package. In connection with these transactions, the company incurred about $21 million in debt extinguishment costs and approximately $2 million in asset disposition charges.
Commenting on these developments, Mark R. Holden, senior vice president and chief financial officer, said, "The closing of the asset sale and bank refinancing combined with our previous issuance of $125 million, 3.25% convertible senior unsecured notes, represents the refinancing of substantially all of the company's outstanding indebtedness. The Company's average cost of debt has been lowered from over 10% to less than 4%, resulting in an approximate $20 million savings in interest expense annually. Our new capital structure well positions the company for an improving industry environment and represents the culmination of work during the past two years to secure the company's future."
Wabash National designs, manufactures and markets standard and customized truck trailers under the Wabash brand name. The company is one of the world's largest manufacturers of truck trailers and a leading manufacturer of composite trailers. The company's wholly owned subsidiary, Wabash National Trailer Centers, is one of the leading retail distributors of new and used trailers and aftermarket parts throughout the U.S. and Canada.
For more information, call (765) 771-5310.
In addition, the company announced it has also closed on its new bank financing package. In connection with these transactions, the company incurred about $21 million in debt extinguishment costs and approximately $2 million in asset disposition charges.
Commenting on these developments, Mark R. Holden, senior vice president and chief financial officer, said, "The closing of the asset sale and bank refinancing combined with our previous issuance of $125 million, 3.25% convertible senior unsecured notes, represents the refinancing of substantially all of the company's outstanding indebtedness. The Company's average cost of debt has been lowered from over 10% to less than 4%, resulting in an approximate $20 million savings in interest expense annually. Our new capital structure well positions the company for an improving industry environment and represents the culmination of work during the past two years to secure the company's future."
Wabash National designs, manufactures and markets standard and customized truck trailers under the Wabash brand name. The company is one of the world's largest manufacturers of truck trailers and a leading manufacturer of composite trailers. The company's wholly owned subsidiary, Wabash National Trailer Centers, is one of the leading retail distributors of new and used trailers and aftermarket parts throughout the U.S. and Canada.
For more information, call (765) 771-5310.
media brand
0 Comments
See all comments