Wabash reduces indebtedness $100 million in 2002

Wabash National Corporation announced today that it reduced indebtedness $100 million during 2002 while reaching $75 million in liquidity (cash on hand and availability under existing credit facilities) as of December 31, 2002, compared with approximately $24 million in liquidity at the end of 2001. "We are pleased with the progress we made during 2002 toward improving the financial condition of the company," said Mark R. Holden, Senior Vice President and Chief Financial Officer. "Efforts to strengthen our financial condition and reduce the indebtedness of the company as quickly as possible continue, including improving operating results, reducing working capital requirements and divesting of non-core assets."We anticipate successfully completing the divestiture of a significant portion of our rental and leasing operation during the next 30 days. All proceeds received will be used to pay down debt."He said efforts to divest other non-core assets continue on schedule. In addition, he said discussions continue with Wabash's lenders to amend its credit facilities to approve the sale of our rental and leasing operation and to adjust our covenants, and are expected to be completed within the next 30-45 days."We believe another $150-$175 million reduction in indebtedness during 2003 is possible through the efforts being pursued," he said.