Wabash National Corp. says it has reached an agreement in principle with its banks and senior noteholders to refinance its revolving line of credit and senior notes.

Mark Holden, senior vice president and CFO, said the refinancing will provide Wabash with a new two-year commitment on its debt and is expected to provide additional capital resources for continued operations.
The company reported fourth quarter 2001 net sales of $166.6 million compared to $274.8 million for the same period in 2000. Net loss for the quarter was $134.9 million, compared to a loss of $28.4 million a year earlier. Net sales for the year were $863.4 million compared to $1.3 billion for 2000. Net loss totaled $232.2 million, compared to a net loss of $6.7 million in 2000.
Holden said fourth quarter performance reflected substantial restructuring charges as well as a change in economic fundamendals resulting from the Sept. 11 terrorist attacks. The company had previously announced that it was not in compliance with loan covenants at year-end.
"We are extremely pleased with the support we have received from our financial partners in what is a very diffucult capital market and an extremely depressed trailer market,” Holden said. Refinancing is subject to formal lender approval and documentation but is expected to close March 31.