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.
Camping World, America’s leader in satisfying the retail needs of the RV enthusiast and the most recognized brand in the RV lifestyle, announced Thursday (Sept. 16) a robust rebound in RV sales, service, rentals and a welcome return of the RV enthusiast, according to a news release.
This positive news comes during the year the RV industry celebrates its 100-year anniversary.
While Camping World continues to see increased customer traffic at its retail stores and through its online business, it attributes this strong rebound and return of the RVer to the company’s increased focus on new product offerings, an intense focus on the company’s service and repair business and the continued growth, strength and recognition of the Camping World brand as the one stop solution for the RV enthusiast.
“Our mission is for the Camping World brand to satisfy all the needs of the RVer and to be the clear leader in the RV lifestyle,” according to Marcus Lemonis, Camping World’s chairman and CEO.
Camping World carries the largest selection of RV related products in America and maintains an intense focus on providing new and cutting edge products and services for its customers. Additionally, the Camping World brand is the clear market leader in the sale of new and used RVs, with over 35,000 units sold annually. The Camping World brand has been the leader in market share for the sale of new and used RVs for the past five years and continues this leading position in 2010.
In recent years, the Camping World brand has entered the RV rental arena seeing double-digit year-over-year increases in the prior two years. “All in all, we feel we are accomplishing our mission as the Camping World brand continues to gain momentum both in market share and the number of RV enthusiast it serves annually,” according to Lemonis, “and as a market leader we take great pride in being a strong advocate of the RV lifestyle as the preferred pastime and leisure activity of the American public.”
About FreedomRoads/Camping World RV Sales
FreedomRoads/Camping World RV Sales operates a network of well-established local and regional RV dealerships, RV maintenance/ repair centers and RV rental stations that united to benefit customers, employees, suppliers and the RV industry. The FreedomRoads/Camping World RV Sales operating entity, which does business under the Camping World brand, engages in the retail sale, finance, service and rental of recreational vehicles, representing the nation’s leading manufacturers and Industry suppliers.
Today FreedomRoads/Camping World RV Sales serves over 4 million RV enthusiasts. Visit www.CampingWorld.com for more details.
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.