Wabash proposes $100M convertible notes due 2032

Wabash (NYSE: WNC) announced a private offering of $100 million in convertible senior unsecured notes due 2032, according to a company statement.

The Lafayette, Indiana-based company is offering the notes to qualified institutional buyers under Rule 144A of the Securities Act of 1933. Wabash also plans to grant initial purchasers an option to buy up to an additional $15 million in notes, exercisable within a 13-day period following the initial issuance.

The notes will mature on August 1, 2032, with interest paid semi-annually. Wabash may redeem the notes in whole, but not in part, on or after August 6, 2029, if its common stock price reaches at least 130% of the conversion price for a specified period. Upon conversion, Wabash may settle in cash, common stock, or a combination of both, at the company's discretion.

The interest rate, initial conversion rate, and other terms will be set at pricing. Wabash said it intends to use the net proceeds for general corporate purposes, including repaying amounts outstanding under its existing credit agreement.

The notes and any shares issuable upon conversion have not been registered under the Securities Act and may not be offered or sold in the United States absent an applicable exemption from registration requirements.

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