I AM 100% IN CHARGE ®
LINCOLNSHIRE, IL--(Marketwired - Nov 4, 2013) - Camping World, the world's largest recreational vehicle retailer and outdoor accessories, announced today that it has secured a new $525,000,000 multi-year floor plan credit facility. 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 nation's premier lenders: 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 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 WorldFounded in 1966, Camping World is the world's largest retailer of recreational vehicles and provides outdoor enthusiasts over 10,000 RV parts and accessories, maintenance, professional installation, collision repair and much more to enhance the RV and outdoor lifestyle. Today the company engages in the retail sale, finance, service and rental of recreational vehicles, with over $530 million of new and used recreational vehicle inventory representing more than 13 RV manufacturers and 150 brand names. With over 100 SuperCenters nationwide, a state-of-the-art call center and an award-winning website, Camping World is serving the needs of RVing families across the nation. For more information, visit www.CampingWorld.com.