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Camping World Gains Multi-Year Floorplan Loan
Posted By RVBusiness On February 7, 2012 @ 1:34 pm In Breaking News,News In Focus | No Comments
Camping World RV Sales, one of the nation’s leading RV retailers, announced today (Feb. 7) that it has closed a multi-year syndicated credit facility quickly approaching half a billion dollars, consisting of an amended floorplan credit facility and a letter of credit facility.
According to a press release, Bank of America, N.A., which serves as the administrative agent, led the transaction while JP Morgan, which has partnered with the company since 2003, acted as co-agent. The facility also includes seven U.S. lenders: US Bank, SunTrust, Key Bank, M & T Bank, Bank of the West, Ally Bank and Flagstar.
“Our company’s double digit return in same store sales along with an unprecedented level of profitability has earned us a multi-year facility,” Marcus A. Lemonis, Camping World chairman and CEO stated. “Our top line outlook for 2012 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, the release states.
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