Camping World Announces Expansion of Its RV Inventory Floor Plan Facility

Rhea-AI Summary

Camping World Holdings, Inc. (NYSE: CWH) announced a $1.85 billion RV Inventory Floor Plan Facility Amendment, increasing borrowing capacity by $150 million and resetting the accordion feature for future growth. CEO Marcus Lemonis highlighted lenders' confidence and the goal to increase store count by 50% in the next five years.

$1.85 Billion Dollar Expanded Inventory Facility Provides Runway for Future Growth

LINCOLNSHIRE, Ill.--(BUSINESS WIRE)-- Camping World Holdings, Inc. (NYSE: CWH) (“Camping World”), the World’s Largest Recreational Vehicle Dealer, today announced that it has entered into a first amendment (the “Amendment”) to its existing floor plan credit agreement dated September 30, 2021 (the “RV Inventory Floor Plan Facility Amendment”).

The RV Inventory Floor Plan Facility Amendment provides additional financial and operational flexibility for the Company’s growth strategy by increasing the committed borrowing capacity by $150 million, to an aggregate amount of $1.85 billion and resetting the accordion feature to allow the Company the option to increase the principal amount available in $50 million increments up to a maximum amount of $300 million.

Camping World Chairman and CEO Marcus Lemonis commented, “The RV Inventory Floor Plan Facility Amendment demonstrates our lenders’ confidence in Camping World and our strategic direction as we work toward our goal of increasing our store count by 50% over the next five years. This Amendment provides incremental inventory borrowing capacity to support the future growth of our manufacturer exclusive concept, dedicated to the industry’s leading OEM brands, including Keystone, Jayco, Forest River, Grand Design, Winnebago, Coachmen, and Alliance, among others.”

About Camping World Holdings, Inc.

Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is the World’s largest retailer of RVs and related products and services. Our vision is to build a long-term legacy business that makes RVing fun and easy. Our Camping World and Good Sam brands have been serving RV consumers since 1966. We strive to build long-term value for our customers, employees, and shareholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly trained and knowledgeable team of employees serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of programs and services uniquely enable us to connect with our customers as stewards of the RV enthusiast community and the RV lifestyle. With RV sales and service locations in 43 states, Camping World has grown to become the prime destination for everything RV. For more information, visit www.CampingWorld.com.

Cautionary Statement Regarding Forward-Looking Statements

This 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, including statements about future goals, future business growth, anticipated store growth, uses of financing under the Floor Plan Facility Amendment, strategic focuses, and plans and objectives of management. 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 the risk that new stores may not open on the timelines expected or at all, as well as the other important risks described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K filed for the year ended December 31, 2022. 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 SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230721162097/en/

Brett Andress

InvestorRelations@campingworld.com

Media Outlets:

PR-CWGS@CampingWorld.com

Source: Camping World

FAQ

What is the ticker symbol of Camping World Holdings, Inc.?

The ticker symbol of Camping World Holdings, Inc. is CWH.

What is the purpose of the RV Inventory Floor Plan Facility Amendment?

The purpose is to provide additional financial and operational flexibility for the company's growth strategy.

Which brands are included in the manufacturer exclusive concept mentioned by CEO Marcus Lemonis?

The included brands are Keystone, Jayco, Forest River, Grand Design, Winnebago, Coachmen, and Alliance, among others.