BofA Leads Camping World $525MM Floor Plan Facility
Camping World announced today it secured a $525 million multi-year floor plan credit facility. Bank of America, which serves as administrative agent, led the transaction. JP Morgan acted as co-agent. The facility also includes the followinglenders: 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.”
Floor plan financing is a line of credit allowing dealers to borrow against their inventory, and repay debt as they sell their inventory or borrow against the line of credit again to add new inventory.
Founded in 1966, Camping World is one of the world’s largest retailer of recreational vehicles.