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JPMorgan Chase Agents Credit Facility Upsize for Winnebago Industries

October 23, 2019, 08:50 AM
Filed Under: Industry News

Winnebago Industries, Inc., Winnebago of Indiana, LLC and Grand Design RV, LLC, entered into an Amended and Restated Credit Agreement among the Borrowers, the other loan parties party thereto from time to time, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as the administrative agent.

The Credit Agreement amends and restates in its entirety that certain Credit Agreement dated as of November 8, 2016 among the Borrowers, the other loan parties party thereto, the lenders party thereto from time to time and the Administrative Agent, which provided for a five-year asset-based lending credit facility of up to $165.0 million.

Among other things, the new Credit Agreement increases the maximum commitments available under the credit facility by $27.5 million to $192.5 million and extends the maturity date to October 22, 2024, subject to certain factors which may accelerate the maturity date.

The Borrowers’ obligations to repay amounts borrowed under the Credit Agreement are secured by liens on substantially all of the assets of the Borrowers and certain of their subsidiaries, and the amount available for borrowing under the Credit Agreement is limited to the lesser of the facility total and the calculated borrowing base, which is based on stipulated loan percentages applied to eligible trade accounts receivable and eligible inventories of the Borrowers. Borrowings under the Credit Agreement, subject to availability, may be made at the election of the Borrowers based on various rates plus specific spreads depending on the amount of borrowings outstanding. The Borrowers currently pay interest on borrowings under the Credit Agreement at a floating rate based upon LIBOR plus 1.25%, as well as a commitment fee of 0.25% on the average daily amount of the facility available, but unused. The Credit Agreement contains customary representations, warranties, affirmative and negative covenants, limitations and events of default, consistent with the Existing Credit Agreement.

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