Wabash National’s Forbearance Period Extended

Published Monday, June 01, 2009

Wabash National Corporation (NYSE: WNC) has entered into a 60-day extension of a forbearance agreement originally executed as of April 28, regarding its revolving credit facility. The company’s bank group has agreed to continue to refrain from accelerating maturity of the credit facility due to existing events of default. The extension agreement also provides additional liquidity to the company by reducing a borrowing availability reserve from $22.5 million to $17.5 million. Among other provisions, the extension agreement increases the interest rate on each of prime rate-based borrowings and LIBOR-based borrowings by fifty basis points to prime plus 2.75 ...

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