UPDATE 1-Wabash National to offer 11 mln shares
* To use portion of proceeds to repay debt
* Selling stockholder to offer 12.5 mln shares
* Shares down 7 pct after market
May 19 (Reuters) - Semi-trailer maker Wabash National Corp (WNC.N) said it intends to publicly offer 11 million shares, about 35 percent of its common shares outstanding, and expects to use a portion of the net proceeds to repay debt.
The company intends to use the net proceeds from its offering also to redeem all of its outstanding preferred stock and for general corporate purposes, it said in a statement.
Wabash had about 31.1 million shares outstanding as of April 28, according to Thomson Reuters data.
The company also said a selling stockholder, Trailer Investments LLC, intends to publicly offer 12.5 million shares, and the company will not receive any of the proceeds from the sale.
The selling stockholder plans to grant the underwriters an over-allotment option of 3.5 million shares.
Shares of the company were down 7 percent at $8.25 in trading after the bell. They closed at $8.86 Wednesday on the New York Stock Exchange. (Reporting by Bijoy Koyitty in Bangalore; Editing by Unnikrishnan Nair)
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