Wabash Closes Investment for $35 Million Capital Infusion

Wabash National Corporation (NYSE: WNC) announced that it has successfully closed the previously announced $35 million investment in the company by Trailer Investments, LLC, an entity formed for this purpose by Lincolnshire Equity Fund III, L.P., a private equity investment fund managed by Lincolnshire Management, Inc.

As part of the investment, the company issued Series E, Series F, and Series G redeemable preferred stock to Trailer Investments, as well as a warrant that is immediately exercisable for common stock representing 44.21% of the issued and outstanding common stock of the company, subject to certain upward adjustments.

An Amended and Restated Loan and Security Agreement, which amended and restated the company’s prior revolving credit facility, also became effective upon the completion of the investment. The revolving credit facility, as amended, now provides for borrowings of up to $100 million, subject to a borrowing base and applicable reserves.

In connection with the proposed investment, the company increased the size of its board of directors to 12 members and appointed the following designees of Trailer Investments: Thomas J. Maloney, Michael J. Lyons, Vineet Pruthi, James G. Binch, and Andrew C. Boynton. Messrs. Maloney, Lyons, Pruthi and Binch are principals of Lincolnshire Management, and Mr. Boynton is the dean of Boston College’s Carroll School of Management.

“We are excited to welcome Trailer Investments as not only an investor in Wabash National but, more importantly, as our new partner. Lincolnshire Management brings a proven track record of success and has consistently demonstrated a strong commitment to supporting the companies that they invest in,” said Dick Giromini, Wabash National Corporation’s President and Chief Executive Officer. “This investment, combined with the amended credit facility and the continuing impact of our cost restructuring initiatives, provides the capital structure that we believe will meet the needs of the company during this economic downturn, and we look forward to profitable growth as business conditions improve.”

Michael J. Lyons, Senior Managing Director of Lincolnshire Management, said, “We are extremely pleased to have closed our investment in Wabash National and to provide the company with more operating flexibility during this economic downturn. We look forward to working together with the management team to grow Wabash’s market leading position and franchise.”

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