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Camping World Announces Refinancing of Senior Secured Credit Facilities

November 11, 2016, 07:33 AM
Filed Under: Recreational Vehicles

Camping World Holdings Inc., the nation’s largest network of RV-centric retail locations, announced the refinancing of its senior secured credit facility. According to an exhibit filed with the company's 10Q, Goldman Sachs Bank USA is serving as administrative agent and JPMorgan Chase and Goldman Sachs Bank USA are serving as joint lead arrangers and joint bookrunners.

Following Camping World’s recent IPO, Camping World used $200.4 million of IPO proceeds to reduce its senior secured credit facility, resulting in a ratings upgrade by Moody’s and S&P. With the reduced leverage and ratings upgrade, Camping World has refinanced its senior secured credit facility with a seven-year $645.0 million term loan facility and a five-year $35.0 million revolving credit facility. The new term loan bears interest at LIBOR plus 3.75% with a 0.75% LIBOR floor. Outstanding balances under the new revolving credit facility bear interest at LIBOR plus 3.50%. Camping World’s refinancing reduced its senior credit facility interest rate by 1.0%, reduced the LIBOR floor by 0.25%, and reduced the mandatory amortization by 4.6% per annum.

Marcus Lemonis, Chairman and Chief Executive Officer of Camping World, stated, “We are pleased with the ratings upgrades by Moody’s and S&P, which we feel are well deserved, and are excited with our ability to access the debt markets to refinance our senior credit facility on favorable terms and significantly reduce our borrowing costs.”

Camping World Holdings Inc. is the only provider of a comprehensive portfolio of services, protection plans, products and resources for recreational vehicle (“RV”) enthusiasts. Through its two iconic brands, Camping World and Good Sam, the company offers new and used RVs for sale, vehicle service and maintenance along with more than 10,000 products and services through its retail locations and membership clubs.

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