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Get filing alertsRed Flags Detected
- $40m Availability Block Until Fixed Charge Coverage Ratio Exceeds 1.0x (new) — Lenders are restricting access to 13% of the facility until the company demonstrates improved financial performance, suggesting concern about current credit quality.
- $90m Minimum Liquidity Requirement (new) — The liquidity floor represents 30% of the facility size and indicates lenders want a substantial cash cushion maintained, pointing to heightened credit risk.
Wabash National amends credit facility, extends maturity to 2031 with tighter covenants
Filed August 13, 2026 · Period ending August 12, 2026 · ~1 min read
Key Changes
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high
Extended $300M revolving credit facility maturity to August 2031, subject to earlier triggers if senior or convertible notes mature within 91 days; facility includes option to upsize by up to $175M.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
Imposed $40M availability block until company achieves fixed charge coverage ratio above 1.0x for two consecutive quarters (earliest December 31, 2026), reducing near-term borrowing capacity to $260M.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
Required to maintain $90M minimum liquidity at all times (except up to three consecutive business days per month) until covenant conversion date; thereafter, 1.0x fixed charge coverage ratio required when availability falls below thresholds.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Pricing set at term SOFR plus 1.50%-2.00% or base rate plus 0.50%-1.00%, depending on excess availability; 0.20% unused line fee applies.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Amendment creates a direct financial obligation under the modified credit facility.
Item 2.03 — Creation of a Direct Financial Obligation verify on EDGAR →
Summary
Wabash National amended its revolving credit facility on August 12, 2026, extending the maturity from the prior date to August 2031 while introducing tighter financial restrictions.
The $300 million facility now carries a $40 million availability block that remains in place until the company achieves a fixed charge coverage ratio above 1.0x for two consecutive quarters, with the earliest possible conversion date of December 31, 2026. This effectively reduces near-term borrowing capacity to $260 million and signals lender concern about the company's current financial performance.
The amendment also imposes a $90 million minimum liquidity requirement until the covenant conversion date, forcing the company to maintain a substantial cash cushion equal to 30% of the facility size. After conversion, a 1.0x fixed charge coverage ratio is required when availability falls below certain thresholds. These covenant changes suggest the lenders negotiated stronger protections in exchange for the maturity extension, likely reflecting weaker operating performance or balance sheet metrics. Retail holders should monitor whether the company meets the fixed charge coverage threshold by year-end to regain full facility access, and watch quarterly filings for liquidity trends and covenant compliance.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 1.01 above is incorporated herein by reference.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Wabash National amended its credit facility, extending maturity to 2031 and modifying financial covenants and availability terms.
Added in current filing · verify on EDGAR →
On August 12, 2026, Wabash National Corporation (the “Company”) entered into a Sixth Amendment to Second Amended and Restated Credit Agreement (the “Amendment”), among the Company, certain of its subsidiaries party thereto as loan parties, the lenders party thereto and Wells Fargo Capital Finance, LLC, as the administrative agent (the “Agent”), which amended the Company’s existing Second Amended and Restated Credit Agreement dated as of December 21, 2018 (as previously amended and as amended by the Amendment, the “Credit Agreement”).
The company amended its existing revolving credit facility with Wells Fargo Capital Finance as administrative agent. This is the sixth amendment to the credit agreement originally dated December 21, 2018. The amendment modifies key terms of the $300 million revolving credit facility.
Added in current filing · verify on EDGAR →
Availability is also reduced by a $40 million availability block in effect until (such date, the “Financial Covenant Conversion Date”) (i) the date upon which the Company’s fixed charge coverage ratio for the 12 fiscal month periods ending as of the two most recently ended consecutive fiscal quarters is greater than 1.0 to 1.0, with the first of such two most recently ended fiscal quarters ending no earlier than December 31, 2026, and (ii) provided no event of default is in existence on such date.
A $40 million availability block reduces borrowing capacity until the company achieves a fixed charge coverage ratio above 1.0x for two consecutive quarters (earliest December 31, 2026) with no default. This covenant structure suggests the lenders are requiring improved financial performance before granting full access to the facility.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 14, 2026 · How we verify