High Yield Toolkit: Industrials & Services Weekly: WNC extends revolver & new convert, BID sales +58%

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High Yield Toolkit: Industrials & Services Weekly: WNC extends revolver & new convert, BID sales +58%

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High Yield Toolkit: Industrials & Services Weekly

WNC extends revolver & new convert, BID

sales +58%

Industry Overview

CHHP sold, press reports Block exits PayPal talks, GTLS 21 July 2026

repaid High Yield Credit

Key Highlights: 1) Wabash (WNC) expects to extend $275mn of its $350mn revolver for North America

five years, reducing capacity by $75mn and adding a $90mn minimum-liquidity Industrials

requirement and $40mn availability block.

2) Sotheby’s (BID) reported record 1H’26 consolidated sales of $4.4bn, +58% y/y, Table of Contents

including auction sales of $3.4bn, +59%, and private sales of $826mn, +52%.

Company-Specific News (Alphabetical) 3

3) C&D Technologies (CHHP) agreed to be acquired by Stryten Energy in 3Q’26, while Top News Stories 8

S&P affirmed its CCC ratings on CreditWatch developing. Aerospace & Defense 8

3) Reuters, citing people familiar with the matter, reported that Block joined Stripe and Construction & Commercial Office 8

Advent in initially approaching PayPal in April 2026 but exited before Stripe and Advent Data Centers, Power, and Artificial Intelligence 9

submitted their latest offer. The companies mentioned in the article declined to Environmental Services / Clean Energy 10

comment. General Manufacturing 10

4) Baker Hughes completed its acquisition of Chart Industries (GTLS) and redeemed Labor / Employment / Consulting 11

secured and unsecured bonds and credit agreement borrowings. Machinery / Yellow Iron / Agriculture / Rentals 11

Other Services 11

4) TJC agreed to acquire Sunbelt Solomon (TCPSUN), which has a $450mn TLB

Payments 11

outstanding, for undisclosed terms, expected to close in 3Q’26.