The private Rule 144A sale was increased from the previously announced $100 million and includes an option for initial purchasers to buy up to $20 million more notes.
Wabash priced an upsized private offering of $130 million aggregate principal amount of 4.00% convertible senior unsecured notes due 2032, increasing the deal from the previously announced $100 million. The company also granted the initial purchasers an option to buy up to an additional $20 million of notes within 13 days of issuance, and expects the offering to close on July 20, 2026, subject to customary conditions. The notes will pay interest semi-annually beginning February 1, 2027, mature on August 1, 2032 unless earlier converted, redeemed or repurchased, and carry an initial conversion rate of 59.7086 shares per $1,000 principal amount, equivalent to an initial conversion price of about $16.75 a share. That conversion price represents a 32.50% premium to Wabash's July 15, 2026 closing price of $12.64 on the New York Stock Exchange. Wabash said it expects net proceeds of about $122 million, or about $141 million if the additional note option is exercised in full, and plans to use the funds for general corporate purposes, including repaying amounts outstanding under its existing credit agreement. The notes are being sold to qualified institutional buyers under Rule 144A and have not been registered under the Securities Act.