Attached files
| file | filename |
|---|---|
| 8-K - WABASH NATIONAL Corp | v187029_8k.htm |
| EX-10.1 - WABASH NATIONAL Corp | v187029_ex10-1.htm |
EXHIBIT
99.1
|
Press
Contact: Allison Henk
Marketing Communications
Manager
(765) 771-5674
|
 |
Investor
Relations:
(765)
771-5310
|
Wabash
National Corporation Announces Closing of Public Offering of Common
Stock
LAFAYETTE,
Ind. — May 28, 2010 — Wabash National Corporation (NYSE: WNC) (the “Company”)
today announced the closing of its previously announced public offering of its
common stock. The Company sold 11,750,000 shares and Trailer Investments, LLC (a
wholly-owned entity of Lincolnshire Equity Fund III, L.P., a private equity
investment fund managed by Lincolnshire Management, Inc.) sold 16,137,500
shares, each at a purchase price per share of $6.50. The shares sold by the
selling stockholder include 3,637,500 shares sold pursuant to the underwriters’
exercise in full of their option to purchase additional shares to cover
over-allotments. All shares sold by the selling stockholder were issued upon the
partial exercise of a warrant held by the selling stockholder. The Company will
not receive any proceeds from the sale of the shares by the selling
stockholder.
The
Company intends to use the net proceeds from its offering of shares to redeem
all of its outstanding preferred stock, to repay a portion of its outstanding
indebtedness under its revolving credit facility (without reducing its
commitments), and to use any remaining net proceeds for general corporate
purposes.
Morgan
Stanley & Co. Incorporated acted as the sole book-running manager for the
offering. In addition, UBS Securities LLC, BB&T Capital Markets, a division
of Scott & Stringfellow, LLC, Sterne, Agee & Leach, Inc. and Avondale
Partners, LLC acted as co-managers for the offering.
The
common stock was offered pursuant to a shelf registration statement that was
previously filed with and declared effective by the Securities and Exchange
Commission. A prospectus supplement and accompanying base prospectus related to
the offering was filed with the SEC and is available on the SEC’s web site,
www.sec.gov. Copies of the
prospectus supplement and accompanying base prospectus related to the offering
may be obtained from the offices of Morgan Stanley at 180 Varick Street, Second
Floor, New York, New York, 10014, Attention: Prospectus Department or by email
at prospectus@morganstanley.com.
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities, in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction.
About
Wabash National Corporation
Headquartered
in Lafayette, Ind., Wabash National® Corporation (NYSE: WNC) is one of the
leading manufacturers of semi-trailers in North America. Established in 1985,
the company specializes in the design and production of dry freight vans,
refrigerated vans, flatbed trailers, drop deck trailers, dump trailers, truck
bodies and intermodal equipment. Its innovative core products are sold under the
DuraPlate®, ArcticLite®, FreightPro™ Eagle® and Benson™ brand names. The company
operates two wholly-owned subsidiaries: Transcraft® Corporation, a manufacturer
of flatbed, drop deck, dump trailers and truck bodies, and Wabash National
Trailer Centers, trailer service centers and retail distributors of new and used
trailers and aftermarket parts throughout the U.S.
Safe
Harbor Statement
This
press release contains certain forward-looking statements, as defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
convey the Company’s current expectations or forecasts of future events. All
statements contained in this press release other than statements of historical
fact are forward-looking statements. These forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ
materially from those implied by the forward-looking statements. Readers
should review and consider the various disclosures made by the Company in
its filings with the Securities and Exchange Commission, including the risks and
uncertainties described therein.