Camping World Announces Refinancing of Senior Secured Credit Facilities
November 10 2016 - 4:05PM
Business Wire
Camping World Holdings Inc. (NYSE:CWH) (“Camping World”), the
nation’s largest network of RV-centric retail locations, announced
today the refinancing of its senior secured credit facility.
Following Camping World’s recent IPO, Camping World used $200.4
million of IPO proceeds to reduce its senior secured credit
facility, resulting in a ratings upgrade by Moody’s and S&P.
With the reduced leverage and ratings upgrade, Camping World has
refinanced its senior secured credit facility with a seven-year
$645.0 million term loan facility and a five-year $35.0 million
revolving credit facility. The new term loan bears interest at
LIBOR plus 3.75% with a 0.75% LIBOR floor. Outstanding balances
under the new revolving credit facility bear interest at LIBOR plus
3.50%. Camping World’s refinancing reduced its senior credit
facility interest rate by 1.0%, reduced the LIBOR floor by 0.25%,
and reduced the mandatory amortization by 4.6% per annum.
Marcus Lemonis, Chairman and Chief Executive Officer of Camping
World, stated, “We are pleased with the ratings upgrades by Moody’s
and S&P, which we feel are well deserved, and are excited with
our ability to access the debt markets to refinance our senior
credit facility on favorable terms and significantly reduce our
borrowing costs.”
About Camping World Holdings,
Inc.
Camping World Holdings Inc. (NYSE: CWH) is the only provider of
a comprehensive portfolio of services, protection plans, products
and resources for recreational vehicle (“RV”) enthusiasts. Through
its two iconic brands, Camping World and Good Sam, the company
offers new and used RVs for sale, vehicle service and maintenance
along with more than 10,000 products and services through its
retail locations and membership clubs. Good Sam branded offerings
provide the industry’s broadest and deepest range of services,
protection plans, products and resources while the Camping World
brand operates the largest national network of RV-centric retail
locations in the United States through 120 retail locations in 36
states and an e-commerce platform. With both brands founded in
1966, product and service offerings are based on 50 years of
experience and customer feedback from RV enthusiasts.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
concerning Camping World and other matters. All statements other
than statements of historical facts contained in this press release
may be forward-looking statements. Statements regarding our future
results of operations and financial position, business strategy and
plans and objectives of management for future operations are
forward-looking statements. In some cases, you can identify
forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’
‘‘should,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘anticipates,’’ ‘‘could,’’
‘‘intends,’’ ‘‘targets,’’ ‘‘projects,’’ ‘‘contemplates,’’
‘‘believes,’’ ‘‘estimates,’’ ‘‘predicts,’’ ‘‘potential’’ or
‘‘continue’’ or the negative of these terms or other similar
expressions. The forward-looking statements in this press release
are only predictions. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our business, financial condition and results of operations.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. You should carefully
consider the risks and uncertainties that affect our business,
including those described in our filings with the Securities and
Exchange Commission. These forward-looking statements speak only as
of the date of this communication. Except as required by applicable
law, we do not plan to publicly update or revise any
forward-looking statements, whether as a result of any new
information, future events or otherwise. You are advised, however,
to consult any further disclosures we make on related subjects in
our public announcements and filings with the Securities and
Exchange Commission.
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ICRInvestor Relations:John Rouleau,
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