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Affinity Completes $144 Million Refinancing
Posted By RVBusiness On March 3, 2010 @ 3:49 pm In Breaking News | No Comments
Ventura, Calif.-based Affinity Group Inc. (AGI) announced today (Mar. 3) that it has completed the refinancing of its senior bank debt. Affinity has entered into a new $144 million loan agreement that allows the company to restructure its existing debt, which was set to mature on March 31.
“We’re very pleased with this direction and the stability it gives Affinity as we grow our core business to new heights,” said Affinity CEO Mike Schneider. “As we begin to exit a major financial downturn, this financing puts us in a strong position to capitalize on new revenue growth opportunities and continue our commitment to leadership in the outdoor recreation marketplace.”
A multi-media company, Affinity manages several membership clubs including the Good Sam Club, the world’s largest RV owner’s organization, and operates numerous consumer and business websites, publications and shows for RV, powersports, marine and outdoor enthusiasts.
The company also owns Camping World, the largest aftermarket retailer in the RV industry with more than 75 locations throughout the United States.
Moelis & Company acted as exclusive financial advisor and sole placement agent to Affinity in connection with the refinancing.
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