Wabash National Corporation announced the closing and funding of a new three-year, $222-million bank financing package. The financing was led by Fleet Capital Corporation as Administrative Agent, National City Bank as Syndication Agent and Wachovia Bank and GE Capital as Co-Documentation Agents. Merrill Lynch, LaSalle Bank, Fifth Third Bank and Washington Mutual also participated in the financing. Fleet Securities, Inc. served as Lead Arranger for the transaction. "We are extremely pleased with the completion of our new financing package", stated Christopher A. Black, Vice President and Treasurer of Wabash National. "Fleet Capital and the seven other syndicate banks did an outstanding job of working with us to construct a credit facility that will serve us well over the next three years. We believe we have constructed a bank group with outstanding leadership, excellent knowledge and the capacity to meet the Company's various financial needs during the foreseeable future."The new bank financing package is comprised of a $47.1 million term loan and a $175 million revolving credit facility, of which approximately $84 million was borrowed at closing. The facilities are secured by all of the assets of the Company and are governed by a borrowing base.The covenant package consists of a minimum Fixed Charge Coverage test, a Maximum Debt to EBITDA test and a Maximum Capital Expenditure test, all of which are measured quarterly. The revolver is priced at LIBOR + 250 basis points and the term loan is priced at LIBOR + 275 basis points. The revolver also maintains a 37.5 basis point unused fee.