Cautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Camping World and other matters. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as ''may,'' ''will,'' ''should,'' ''expects,'' ''plans,'' ''anticipates,'' ''could,'' ''intends,'' ''targets,'' ''projects,'' ''contemplates,'' ''believes,'' ''estimates,'' ''predicts,'' ''potential'' or ''continue'' or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements 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. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the Securities and Exchange Commission.
Camping World Holdings Inc. (NYSE:CWH) ("Camping World"), the nation's largest network of RV-centric retail locations, announced today the refinancing of its senior secured credit facility. Following Camping World'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. The new term loan bears interest at LIBOR plus 3.75% with a 0.75% LIBOR floor. Outstanding balances under the new revolving credit facility bear interest at LIBOR plus 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 Chief Executive Officer of Camping World, stated, "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." About Camping World Holdings, Inc. Camping World Holdings Inc. (NYSE: CWH) is the only provider of a comprehensive portfolio of services, protection plans, products and resources for recreational vehicle ("RV") enthusiasts. Through its two iconic brands, Camping World and Good Sam, the company offers new and used RVs for sale, vehicle service and maintenance along with more than 10,000 products and services through its retail locations and membership clubs. Good Sam branded offerings provide the industry's broadest and deepest range of services, protection plans, products and resources while the Camping World brand operates the largest national network of RV-centric retail locations in the United States through 120 retail locations in 36 states and an e-commerce platform. With both brands founded in 1966, product and service offerings are based on 50 years of experience and customer feedback from RV enthusiasts.