Daily News: November 11, 2016

Goldman Sachs Agents Camping World’s $680MM Refinancing

RV retailer Camping World Holdings refinanced its senior secured credit facility.

Following the company’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.

According to a related 8-K filing, Goldman Sachs Bank USA served as administrative agent for the lender group.

The new term loan bears interest at LIBOR+3.75% with a 0.75% LIBOR floor. Outstanding balances under the new revolving credit facility bear interest at LIBOR+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 CEO of Camping World, said, “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.”