Wabash prices $130M convertible notes offering due 2032

Wabash (NYSE: WNC) announced the pricing of a private offering of $130 million in aggregate principal amount of 4.00% convertible senior unsecured notes due 2032, upsized from an initially announced $100 million offering.

The notes were offered to qualified institutional buyers under Rule 144A and are expected to close on July 20, 2026, subject to customary closing conditions. Wabash also granted initial purchasers an option to buy up to an additional $20 million in aggregate principal amount within a 13-day period beginning on the issuance date.

The notes carry a 4.00% annual interest rate, payable semi-annually beginning February 1, 2027, and mature on August 1, 2032. The initial conversion rate is 59.7086 shares of common stock per $1,000 principal amount, representing a conversion price of approximately $16.75 per share. That conversion price reflects a premium of approximately 32.50% to the last reported sale price of $12.64 per share on the New York Stock Exchange on July 15, 2026.

Wabash may redeem the notes in whole for cash on or after August 6, 2029, if the stock price reaches at least 130% of the conversion price for a specified period. Wabash may settle conversions in cash, common stock, or a combination of both, at its election.

The company estimates net proceeds of approximately $122 million, or approximately $141 million if the additional purchase option is exercised in full, after deducting discounts and estimated offering expenses. Wabash said it intends to use proceeds for general corporate purposes, including repaying amounts outstanding under its existing credit agreement.

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