Camping World Inc. announced today (Nov. 4) that it has secured a new $525 million multiyear floorplan credit facility.
According to a press release, Bank of America, N.A., which serves as the administrative agent, led the transaction. JP Morgan, who has partnered with the company since 2003, acted as co-agent. The facility also includes seven of the nation’s premier lenders: US Bank, SunTrust, Key Bank, M & T Bank, Bank of the West, Ally Bank and CIT.
Marcus A. Lemonis, chairman and CEO, stated, “Our company’s explosive same store sales plus additional acquisitions and openings, coupled with another year of an unprecedented level of profitability, has earned us a multi-year facility. Our top line outlook for 2014 remains positive, 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.