Wabash (WNC) stock drops 14% after-hours: Here's why

Wabash provides transportation, logistics and infrastructure solutions, manufacturing trailers, truck bodies and related supply chain products.

$100 Million Notes Offering

Wabash said it has commenced a private offering of $100 million aggregate principal amount of convertible senior unsecured notes due 2032. The company also expects to grant the initial purchasers an option to purchase up to an additional $15 million aggregate principal amount of the notes.

The notes will mature on Aug. 1, 2032, unless earlier converted, redeemed or repurchased, and will pay interest semi-annually. Holders will have the right to convert the notes under certain conditions, with Wabash retaining the option to settle conversions in cash, shares of common stock or a combination of both.

Wabash said it intends to use the net proceeds from the offering for general corporate purposes, including repaying amounts outstanding under its existing credit agreement. The offering remains subject to market conditions, and the company said there can be no assurance regarding its completion or final terms.