Wabash National steadies after increased $130 mln convertible deal
WNC•Upsized convertible offering gives Wabash more capital
-
Trailer maker Wabash National's WNC shares were down a penny at $12.63 premarket on Thursday after securing more capital than targeted.
-
Indiana-based Wabash announced pricing for a private offering of $130 million of 4% convertible bonds due Aug. 1, 2032.
-
The initial conversion price of $16.75 represents a 32.5% premium to the stock's last close.
-
Wabash shares slid nearly 6% on Wednesday to finish at $12.64 after the company late Tuesday announced a $100 million offering.
-
The company said it intends to use net proceeds for general purposes, including paying down its credit agreement.
-
Through Wednesday, the stock was up 46% year to date.
-
Two analysts covering the stock rate it "buy" with price targets of and , according to LSEG data.
