UPDATE 1-Wabash share offering priced at $6.50/shr
* Price at 4 pct discount to Monday's close
* Says to offer 11.8 mln shrs
* Says stockholder to offer additional 12.5 mln shrs
* Shares down about 4 pct
May 25 (Reuters) - Semi-trailer maker Wabash National Corp (WNC.N) said its 11.8 million share offering was priced at $6.50 per share, a 4 percent discount to its closing price on Monday, sending its shares down about 10 percent Tuesday morning.
The company said a selling stockholder, Trailer Investments LLC, also intends to publicly offer 12.5 million shares at the same price, and that the company will not receive any of the proceeds from the sale.
Wabash had previously announced a share offering of 11 million. [ID:nSGE64I0Q3]
The company said it intends to use the proceeds to redeem all of its outstanding preferred stock and to repay a portion of its debt.
Wabash had about 31.1 million shares outstanding as of April 28, according to Thomson Reuters data.
Shares of the company were down 4 percent at $6.52 Tuesday morning on the New York Stock Exchange. They touched a low of $6.09 earlier in the session. (Reporting by Amulya Nagaraj in Bangalore; Editing by Unnikrishnan Nair)
- U.S. forces carry out operation against al-Shabaab in Somalia
- Fast-food workers to launch intensified protests across U.S.
- Ukraine accuses Russia of 'undisguised aggression' as rebels advance |
- Marilyn Monroe sex film to be kept private |
- Fiji says Syrian rebels want compensation, removal from terror list