STOCK TITAN

Camping World Announces Pricing of Offering of Class A Common Stock

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

Camping World Holdings (NYSE:CWH) has announced the pricing of a public offering of 14,634,146 shares of Class A common stock at $20.50 per share. The company granted underwriters a 30-day option for an additional 2,195,121 shares. The proceeds will be used to purchase common units from CWGS Enterprises, , which plans to use the funds for general corporate purposes, including balance sheet strengthening, working capital for growth, and debt reduction. The offering is expected to close on November 1, 2024, with Goldman Sachs and J.P. Morgan serving as joint lead book-running managers.

Camping World Holdings (NYSE:CWH) ha annunciato il prezzo di un'offerta pubblica di 14.634.146 azioni di azioni ordinarie di Classe A a $20,50 per azione. L'azienda ha concesso agli underwriter un'opzione di 30 giorni per ulteriori 2.195.121 azioni. I proventi saranno utilizzati per acquisire unità comuni da CWGS Enterprises, che intende utilizzare i fondi per scopi aziendali generali, incluso il rafforzamento del bilancio, il capitale circolante per la crescita e la riduzione del debito. Si prevede che l'offerta si chiuda il 1 novembre 2024, con Goldman Sachs e J.P. Morgan che agiranno come co-responsabili della gestione dell'offerta.

Camping World Holdings (NYSE:CWH) ha anunciado el precio de una oferta pública de 14,634,146 acciones de acciones ordinarias Clase A a $20.50 por acción. La empresa otorgó a los suscriptores una opción de 30 días para adquirir 2,195,121 acciones adicionales. Los ingresos se utilizarán para comprar unidades comunes de CWGS Enterprises, que planea usar los fondos para fines corporativos generales, incluidas el fortalecimiento del balance, capital de trabajo para el crecimiento y reducción de deuda. Se espera que la oferta se cierre el 1 de noviembre de 2024, con Goldman Sachs y J.P. Morgan como co-gestores principales.

캠핑 월드 홀딩스 (NYSE:CWH)는 14,634,146주의 A급 보통주에 대한 공개 입찰 가격을 주당 $20.50로 발표했습니다. 회사는 인수인에게 추가로 2,195,121주를 위한 30일 옵션을 부여했습니다. 수익금은 CWGS Enterprises로부터 보통주를 구입하는 데 사용될 예정이며, 이는 자산 재무 강화, 성장 위한 운영 자본 및 부채 감소 등 일반 기업 목적에 사용될 계획입니다. 이 공모는 2024년 11월 1일에 마감될 것으로 예상되며, 골드만 삭스와 JP모건이 공동 주관 매니저 역할을 합니다.

Camping World Holdings (NYSE:CWH) a annoncé le prix d'une offre publique de 14 634 146 actions de valeurs mobilières communes de Classe A à 20,50 $ par action. L'entreprise a accordé aux souscripteurs une option de 30 jours pour un additional 2 195 121 actions. Les recettes seront utilisées pour acheter des unités de CWGS Enterprises, qui prévoit d'utiliser ces fonds à des fins corporate générales, notamment le renforcement de son bilan, le fonds de roulement pour la croissance et la réduction de la dette. L'offre devrait se conclure le 1er novembre 2024, avec Goldman Sachs et J.P. Morgan en tant que directeurs principaux co-gérants.

Camping World Holdings (NYSE:CWH) hat den Preis für ein öffentliches Angebot von 14.634.146 Aktien der Klasse A zum Preis von 20,50 $ pro Aktie bekannt gegeben. Das Unternehmen hat den Underwritern eine 30-tägige Option auf zusätzliche 2.195.121 Aktien eingeräumt. Der Erlös soll verwendet werden, um Stammanteile von CWGS Enterprises zu erwerben, die die Mittel für allgemeine Unternehmenszwecke, einschließlich der Stärkung der Bilanz, Betriebskapital für Wachstum und Schuldenabbau nutzen möchte. Der Abschluss des Angebots wird für den 1. November 2024 erwartet, wobei Goldman Sachs und J.P. Morgan als gemeinsame leitende Bookrunner fungieren.

Positive
  • Proceeds will be used to strengthen balance sheet and reduce debt
  • Additional working capital secured for growth initiatives
Negative
  • Potential dilution of existing shareholders through new share issuance
  • Large offering size of 14.6M shares with potential additional 2.2M shares

Insights

This $300 million stock offering represents a significant capital raise for Camping World, priced at $20.50 per share. The transaction structure, where CWH purchases units from CWGS , effectively maintains the existing ownership structure while raising capital at the operating company level. The stated use of proceeds for balance sheet strengthening and debt reduction is particularly noteworthy given the current high-interest rate environment.

The timing and size of this offering suggest management's proactive approach to fortifying the company's financial position. With $1.6 billion in long-term debt reported in recent filings, this capital raise could meaningfully improve the company's leverage ratios. The involvement of major underwriters like Goldman Sachs and J.P. Morgan adds credibility to the offering, though the 14% share dilution warrants attention from existing shareholders.

LINCOLNSHIRE, Ill.--(BUSINESS WIRE)-- Camping World Holdings, Inc. (NYSE:CWH) (“Camping World” or the “Company”) announced today the pricing of an underwritten public offering of 14,634,146 shares of its Class A common stock (the “Class A Common Stock”) at a public offering price of $20.50 per share pursuant to a registration statement filed on Form S-3 with the Securities and Exchange Commission (the “SEC”). Additionally, the Company has granted the underwriters a 30-day option to purchase up to an aggregate of 2,195,121 additional shares of Class A Common Stock. The proceeds of the offering will be used by Camping World to purchase 14,634,146 common units (or 16,829,267 common units if the underwriters exercise their option in full to purchase additional shares of Class A Common Stock) directly from CWGS Enterprises, LLC (“CWGS, LLC”), at a price per unit equal to the public offering price per share of Class A common stock in the offering, less the underwriting discounts and commissions. CWGS, LLC intends to use the net proceeds from the sale of common units to Camping World for general corporate purposes, including strengthening the balance sheet, working capital for growth and debt pay down.

The closing of the offering is expected to occur on November 1, 2024, subject to the satisfaction of customary closing conditions.

Goldman Sachs & Co. LLC and J.P. Morgan are serving as joint lead book-running managers and as representatives of the underwriters for the offering. BofA Securities, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets and Baird are also acting as joint book-running managers for the offering.

The offering is being made pursuant to a shelf registration statement on Form S-3 that was filed with the SEC on October 30, 2024 and was effective upon filing. The offering is being made only by means of a written prospectus supplement and the accompanying base prospectus that forms a part of the registration statement.

A preliminary prospectus supplement relating to the offering (including the accompanying base prospectus) was filed with the SEC on October 30, 2024, and a final prospectus supplement will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. A copy of the final prospectus supplement may also be obtained, when available, from any of the following sources:

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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. Through Camping World and Good Sam brands, our vision is to build a business that makes Rving and other outdoor adventures fun and easy. We strive to build long-term value for our customers, employees, and stockholders 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 associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enables us to connect with our customers as stewards of an outdoor and recreational lifestyle. With RV sales and service locations in 43 states, Camping World has grown to become the prime destination for everything RV.

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. 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 consummation of the offering, the terms of the offering and the anticipated use of the net proceeds from the offering. 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: general economic conditions, including inflation and interest rates; the availability of financing to us and our customers; fuel shortages, high prices for fuel or changes in energy sources; the success of our manufacturers; changes in consumer preferences; risks related to our strategic review of our Good Sam business; competition in our industry; risks related to acquisitions, new store openings and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store sales; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; risks related to COVID-19; our ability to execute and achieve the expected benefits of our cost cutting or restructuring initiatives; our reliance on our fulfillment and distribution centers; natural disasters, including epidemic outbreaks; our dependence on our relationships with third party suppliers and lending institutions; risks associated with selling goods manufactured abroad; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; risks associated with our private brand offerings; we may incur asset impairment charges for goodwill, intangible assets or other long-lived assets; tax risks; our private brand offerings exposing us to various risks; regulatory risks; data privacy and cybersecurity risks; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; risks related to climate change and other environmental, social and governance matters; and risks related to our organizational structure.

These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10‑K for the year ended December 31, 2023, as updated by our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, 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.

Brett Andress, SVP Corporate Development, and Investor Relations

InvestorRelations@campingworld.com

(866) 895-5330

Media Outlets

PR-CWGS@CampingWorld.com

Source: Camping World

FAQ

What is the price per share for Camping World's (CWH) new stock offering?

Camping World (CWH) priced its Class A common stock offering at $20.50 per share.

How many shares is Camping World (CWH) offering in its 2024 public offering?

Camping World is offering 14,634,146 shares, with an additional 30-day option for underwriters to purchase up to 2,195,121 shares.

When is the closing date for Camping World's (CWH) 2024 stock offering?

The offering is expected to close on November 1, 2024, subject to customary closing conditions.

What will Camping World (CWH) use the proceeds from the stock offering for?

The proceeds will be used to purchase common units from CWGS Enterprises, , which will use the funds for general corporate purposes, including strengthening the balance sheet, working capital for growth, and debt reduction.

Camping World Holdings, Inc.

NYSE:CWH

CWH Rankings

CWH Latest News

CWH Stock Data

916.65M
45.34M
2.79%
94.31%
19.19%
Auto & Truck Dealerships
Retail-auto Dealers & Gasoline Stations
Link
United States of America
LINCOLNSHIRE