Wabash National Amends $300M Revolving Credit Facility

What Happened
Wabash National Corporation (WNC) announced on Aug 13, 2026 that on Aug 12, 2026 it entered into a Sixth Amendment to its Second Amended and Restated Credit Agreement with its lenders and Wells Fargo Capital Finance, LLC as administrative agent. The Credit Agreement provides a $300 million revolving credit facility (with an option to increase commitments by up to $175 million) for Wabash and certain subsidiaries, and is secured by substantially all personal property of the borrowers and guarantor subsidiaries.

Key Details

• Facility size: $300 million revolver; company may increase commitments by up to $175 million subject to lender commitments.
• Maturity: earliest of (i) Aug 12, 2031; (ii) 91 days before maturity of Wabash’s 4.50% Senior Notes due 2028; (iii) 91 days before maturity of 4.00% Convertible Senior Notes due 2032; or (iv) 91 days before maturity of certain other debt > $40M.
• Borrowing base and availability: availability tied to borrowing-base certifications of eligible inventory, eligible leasing inventory and eligible accounts receivable; availability reduced by reserves and a $40 million availability block in effect until the “Financial Covenant Conversion Date.”
• Pricing & fees: interest at borrower’s election of (a) term SOFR + 1.50%–2.00% or (b) base rate + 0.50%–1.00%, depending on average excess availability; monthly unused line fee of 0.20%; LC subfacility $25M; swingline up to $30M.
• Covenants & liquidity tests: until the Financial Covenant Conversion Date, Wabash must maintain minimum liquidity of $90 million at all times (except up to three consecutive business days in a month). After that date, a minimum fixed charge coverage ratio of not less than 1.0x is required in certain circumstances.
• Security and defaults: facility is guaranteed by certain subsidiaries and secured by substantially all personal property; contains customary covenants and events of default allowing lenders to accelerate and foreclose on collateral.

Why It Matters
This amendment updates Wabash’s primary revolving credit facility and clarifies borrowing mechanics, pricing and covenants that affect near-term liquidity and flexibility. For investors, the agreement sets the company’s committed bank liquidity (and a pathway to expand it), specifies minimum liquidity and coverage requirements that the company must meet, and confirms the lenders’ remedies on default — all important for assessing Wabash’s short- to medium-term financial stability and its capacity to fund operations, working capital and debt maturities.