FreedomRoads Finalizes $314M Credit Facility
Lincolnshire, Ill.-basedf FreedomRoads, the nation’s largest recreational vehicle retailer, announced today (Dec. 22) that it has closed a $314 million syndicated credit facility, consisting of an amended floor plan credit facility, a letter of credit facility and a term loan.
The transaction was led by Bank of America N.A., which serves as the administrative agent, and includes eight additional lenders: Bank of the West, Citizens Bank, Fifth Third Bank, GE Commercial Distribution Finance Corp., JP Morgan Chase Bank, KeyBank, M & T Bank and US Bank.
“The amended floor plan facility provides our company with the flexibility, stable capital structure and capacity to continue to execute our operating strategy,” stated Roger Nuttall, FreedomRoads executive vice president and CFO. “The terms and conditions of the amended facility allow the company to meet our objectives and further solidify our position as the industry leader. We are appreciative to our lenders, associates, partners and other constituencies for assisting the company through the process. The last 18 months have been difficult for the RV industry. However we feel confident that our reduced cost structure along with continued consumer demand will lead us to historical type success in this marketplace.”
FreedomRoads operates a network of local and regional RV dealerships, RV maintenance/repair centers and RV rental stations. The FreedomRoads operating entity, which does business under the Camping World brand, engages in the retail sale, finance, service and rental of recreational vehicles, representing leading manufacturers and industry suppliers. FreedomRoads today serves over 4 million RV enthusiasts. For more information, visit CampingWorldRVSales.coms.