The Lafayette-based supply chain solutions firm plans to utilize the capital for general corporate purposes, specifically targeting the repayment of existing credit agreement obligations. These notes, which are set to mature on August 1, 2032, will carry interest payments distributed on a semiannual basis.
In section Market Quotes
Wabash National Shares Tumble on $100 Million Note Offering
A 15% drop in after-hours trading greeted Wabash National on Tuesday, as investors reacted to the company’s surprise announcement of a $100 million convertible senior unsecured note offering. The sharp decline erased earlier gains, pulling the stock down to $11.40 following a regular session that had closed at $13.42.
Despite the sudden post-market sell-off, Wabash National remains in a strong position for the year, with shares still reflecting a 55% gain through Tuesday's market close. The private offering marks a significant shift in capital structure for the manufacturer as it looks to address its debt profile.
Comments (0)
No comments yet. Be the first!