Transactions to generate $14 million of liquidity and reduce non-floorplan
indebtedness by $15 million
Continues to focus on strengthening the
balance sheet in support of long-term stability, improving
operational performance of dealerships, and strategically divesting
non-core assets
TAMPA,
Fla., June 17, 2025 /PRNewswire/ -- Lazydays
Holdings, Inc. ("Lazydays" or the "Company") (NasdaqCM: GORV)
today announced that it has executed amendments and waivers with
its credit facility lender syndicate led by M&T Bank and its
mortgage lender, an affiliate of Coliseum Capital Management, that
will help to enhance the Company's liquidity position and further
fortify its financial foundation.
Under the terms of the transactions, Lazydays
will retain approximately $14 million
of proceeds resulting from its divestures of certain non-core
dealerships and associated real estate, and repay approximately
$15 million in non-floorplan
indebtedness, reducing non-floorplan indebtedness to approximately
$44 million and meaningfully lowering
interest expense.
The contributing divestitures are as follows:
- Divestiture of dealership in Mesa,
AZ, which closed on May 30,
2025;
- Divestiture of dealership and related real estate in
Fort Pierce, FL, which closed on
June 6, 2025;
- Divestiture of dealership in Longmont, CO, which closed on
June 13, 2025; and
- Divestiture of dealership and related real estate in
Las Vegas, NV, which is expected
to close later this week.
Ron Fleming, CEO
of Lazydays, commented, "We are pleased to have reached these
agreements with our lenders, which collectively provide Lazydays
with a meaningfully enhanced liquidity position and greater
flexibility to advance our turnaround strategy. As we continue to
work towards building a more resilient Company, our focus remains
on revitalizing our core dealership operations, while streamlining
our footprint and reducing debt through the sale of non-core
assets. We are thankful to our lenders for their ongoing support as
we work to achieve these objectives."
Stoel Rives LLP served as legal counsel,
and Miller Buckfire, a Stifel Company, and CR3 Partners served
as financial advisor to Lazydays and its Board of Directors in
connection with these transactions.
For further information regarding Lazydays'
recent credit agreement and mortgage amendments and waivers, see
the Company's Form 8-K filed with the SEC today. For further
information regarding the announcement of these divestitures, see
the Company's Form 8-Ks filed with the SEC on May 9, 2025 and May 23,
2025.
About Lazydays
Lazydays has been a prominent player in the RV
industry since our inception in 1976, earning a stellar reputation
for delivering exceptional RV sales, service, and ownership
experiences. Our commitment to excellence has led to enduring
relationships with RVers and their families who rely on us for all
of their RV needs.
Our wide selection of RV brands from top
manufacturers, state-of-the-art service facilities, and an
extensive range of accessories and parts ensure that Lazydays is
the go-to destination for RV enthusiasts seeking everything they
need for their journeys on the road. Whether you're a seasoned RVer
or just starting your adventure, our dedicated team is here to
provide outstanding support and guidance, making your RV lifestyle
truly extraordinary.
Lazydays is a publicly listed company on the
Nasdaq stock exchange under the ticker "GORV."
Forward Looking Statements
This press release includes "forward-looking
statements" within the meaning of the "Safe-Harbor" provisions of
the Private Securities Litigation Reform Act of 1995. Forward
looking statements include statements regarding our goals, plans,
projections and guidance regarding our financial position, results
of operations, market position, pending and potential future
financing transactions and business strategy, and often contain
words such as "prospect," "future," "project," "outlook," "expect,"
"anticipate," "intend," "plan," "believe," "estimate," "may,"
"seek," "would," "should," "likely," "goal," "strategy," "future,"
"maintain," "continue," "remain," "target" or "will" and similar
references to future periods. Examples of forward-looking
statements in this press release include, among others, the
benefits of the transactions described herein, the future financial
performance of the Company following such transactions and the
potential future closing of its divesture in Las Vegas, NV.
By their nature, forward-looking statements
involve risks and uncertainties because they relate to events that
depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance, and our actual results of operations, financial
condition and liquidity and development of the industry in which we
operate may differ materially from those made in or suggested by
the forward-looking statements in this press release. The risks and
uncertainties that could cause actual results to differ materially
from estimated or projected results include, without limitation,
future economic and financial conditions (both nationally and
locally), changes in customer demand, our relationship with, and
the financial and operational stability of, vehicle manufacturers
and other suppliers, risks associated with our indebtedness
(including our ability to obtain further waivers or amendments to
credit agreements, the actions or inactions of our lenders,
available borrowing capacity, our compliance with financial
covenants and our ability to refinance or repay indebtedness on
terms acceptable to us), acts of God or other incidents which may
adversely impact our operations and financial performance,
government regulations, legislation and others set forth throughout
under the headers "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and "Risk Factors"
and in the notes to our financial statements, in our most recent
Quarterly Report on Form 10-Q, Annual Report on Form 10-K and from
time to time in our other filings with the U.S. Securities and
Exchange Commission. We urge you to carefully consider this
information and not place undue reliance on forward-looking
statements. We undertake no duty to update our forward-looking
statements, which are made as of the date of this release.
Contact
investors@lazydays.com
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SOURCE Lazydays RV