LINCOLNSHIRE, IL--(Marketwire - Feb 7, 2012) - Camping World RV Sales, the world's largest recreational vehicle retailer, announced today that it has secured a new multi-year syndicated credit facility quickly approaching half a billion dollars, consisting of an amended floor plan credit facility, letter of credit facility and a term loan. Bank of America, N.A., which serves as the Administrative Agent, led the transaction. JP Morgan, who has partnered with the company since 2003 acted as Co-Agent. The facility also includes seven of the nations premier lenders: US Bank, SunTrust, Key Bank, M & T Bank, Bank of the West, Ally Bank and Flagstar.
Marcus A. Lemonis, Chairman and CEO stated, "Our company's double digit return in same store sales along with an unprecedented level of profitability has earned us a multi-year facility. Our top line outlook for 2012 remains flat to slightly up; however, 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 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 dynamic network of well-established local and regional RV dealerships that unite to benefit customers, employees, suppliers and the RV industry. The Camping World RV Sales dealerships engage in the retail sale, finance, and service of recreational vehicles, with over $350 million of new and used recreational vehicle inventory representing over 13 RV manufacturers and 150 brand names. Today Camping World RV Sales serves over four million RV enthusiasts. Visit www.CampingWorld.com for more details.
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Camping World