LINCOLNSHIRE, IL--(BUSINESS WIRE)--
Camping World Holdings, Inc. (NYSE: CWH) (“Camping World,” “Company,”
“we,” “us” or “our”) today announced that CWGS Group, LLC, an indirect
subsidiary of the Company, has entered into a third amendment to its
credit agreement with Goldman Sachs Bank USA, as administrative agent,
and the other parties thereto (the “Third Amendment”).
The Third Amendment, among other things, (i) reduces the interest rate
by 25 basis points with a reduction in the applicable interest margin to
1.75% from 2.00% per annum, in the case of base rate loans, and to 2.75%
from 3.00% per annum, in the case of LIBOR loans on April 6, 2018,
subject to customary closing conditions, and (ii) increases the
Borrower’s term loan facility by $250 million to a principal amount of
$1.19 billion outstanding as of March 28, 2018. The proceeds from the
incremental add-on to the credit agreement are expected to be used to
fund future dealership acquisitions and expand the Company’s retail
platform, as well as to pay related fees and expenses associated with
the Third Amendment.
About Camping World Holdings, Inc.
Camping World Holdings, headquartered in Lincolnshire, Illinois, is the
leading outdoor and camping retailer, offering an extensive assortment
of recreational vehicles for sale, RV and camping gear, RV maintenance
and repair, and the industry’s broadest and deepest range of services,
protection plans, products and resources. Since the Company's founding
in 1966, Camping World has grown to become one of the most well-known
destinations for everything RV, with 140 retail locations in 36 states
and comprehensive e-commerce platform. Coupled with an unsurpassed
portfolio of industry-leading brands including Camping World, Gander
Outdoors, Good Sam, Overton’s, TheHouse.com, Uncle Dan’s, W82, and
Erehwon, The Company has become synonymous with outdoor experiences.
Camping World’s stock is traded on the New York Stock Exchange under the
symbol "CWH".
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements contained in this press release that do not relate to matters
of historical fact should be considered forward-looking statements,
including, without limitation, statements about the Third Amendment and
the expected use of proceeds from the Third Amendment. These
forward-looking statements are based on management’s current
expectations.
These statements are neither promises nor guarantees, but involve known
and unknown risks, uncertainties and other important factors that may
cause our actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed
or implied by the forward-looking statements, including, but not limited
to, the following: the risk that the Third Amendment does not close
under its current terms, or at all; potential impact of the recently
identified material weaknesses in our internal control over financial
reporting; the availability of financing to us and our customers;
general economic conditions in our markets and ongoing economic and
financial uncertainties; our ability to attract and retain customers;
our expansion into new, unfamiliar markets, businesses, or product lines
or categories, as well as delays in opening or acquiring new retail
locations; unforeseen expenses, difficulties, and delays frequently
encountered in connection with expansion through acquisitions; our
ability to operate and expand our business and to respond to changing
business and economic conditions, which depends on the availability of
adequate capital; the restrictive covenants imposed by our existing
senior secured credit facilities and our floorplan financial facility;
whether third party lending institutions and insurance companies will
continue to provide financing for RV purchases; risks associated with
leasing substantial amounts of space; our dealerships’ susceptibility to
termination, non-renewal or renegotiation of dealer agreements if state
dealer laws are repealed or weakened; feasibility, delays, and
difficulties in opening of Gander Outdoors retail locations; and
realization of anticipated benefits and cost savings related to recent
acquisitions.
These and other important factors discussed under the caption “Risk
Factors” in our Annual Report on Form 10-K filed for the year ended
December 31, 2017 with the Securities and Exchange Commission, or SEC,
and our other reports filed with the SEC could cause actual results to
differ materially from those indicated by the forward-looking statements
made in this press release. Any such forward-looking statements
represent management’s estimates as of the date of this press release.
While we may elect to update such forward-looking statements at some
point in the future, we disclaim any obligation to do so, even if
subsequent events cause our views to change, except as required under
applicable law. These forward-looking statements should not be relied
upon as representing our views as of any date subsequent to the date of
this press release.
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Camping World Holdings, Inc.
Investor Relations:
ICR
John
Rouleau / Rachel Schacter, 203-682-8200
John.Rouleau@ICRinc.com
/ Rachel.Schacter@ICRinc.com
or
Media:
ICR
Jessica
Liddell, 203-682-8208
Jessica.Liddell@ICRinc.com
Source: Camping World Holdings, Inc.