FreedomRoads Signs New $308M Credit Line
FreedomRoads (d.b.a. Camping World RV Sales), the nation’s largest recreational vehicle retailer, announced Thursday (Dec. 2) that it has closed a $308.5 million multi-year syndicated credit facility, consisting of an amended floorplan credit facility, 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 included nine additional lenders: Bank of the West, Citizens Bank, Fifth Third Bank, GE Commercial Distribution Finance Corp., JP Morgan Chase Bank, KeyBank, M & T Bank, Suntrust Bank and US Bank.
Roger Nuttall, executive vice president and COO of Lincolnshire, Ill.-based Camping World, stated, “Our company’s double digit return in same-store sales has earned us a multi-year facility. The nearly 34,000 units retailed this year are slightly off the high of 2007. Additionally, we were happy to see new levels of inventory turns, gross margins and EBITDA profitability. Our top line outlook for 2011 remains flat to slightly up however, our tight inventory controls and right sized SGA has us well positioned for another solid financial performance.”
Floorplan financing is a line of credit that allows dealers to borrow against their inventory, and then repay that debt as they sell their inventory or borrow against the line of credit again to add new inventory.
About Camping World RV Sales
Camping World RV Sales operates a network of well-established local and regional RV dealerships engaged in the retail sale, finance and service of recreational vehicles, with over $270 million of new and used recreational vehicle inventory representing over 13 RV manufacturers and 150 brand names. Today Camping World RV Sales serves over 4 million RV enthusiasts. Visit www.CampingWorld.com for more details.