Lazydays Holdings, Inc. Secures $369 Million Expanded Credit Facility

Rhea-AI Summary

Lazydays Holdings announced a significant expansion of its credit facilities on July 14, 2021. The new $369 million agreement with M&T Bank nearly doubles its Floorplan capacity from $175 million to $327 million and increases the Revolving Credit facility from $5 million to $25 million. This funding is aimed at supporting Lazydays' geographic expansion strategy. Notably, the existing $11.3 million term loan and $5.8 million mortgage debt will continue under the same amortization schedule, with no changes to Fixed Charge Coverage and Leverage Ratio covenants.

Positive

• Expanded credit facility of $369 million will support growth and geographic expansion.
• Nearly doubles Floorplan capacity to $327 million, enhancing operational liquidity.

Negative

• None.

TAMPA, Fla., July 15, 2021 /PRNewswire/ -- Lazydays Holdings, Inc. ("Lazydays" or the "Company") (NasdaqCM: LAZY) announced that on July 14, 2021, the company entered into a three-year expanded credit agreement with a syndicate of banks led by Manufacturers and Traders Trust Company ("M&T Bank"). The $369 million credit facility nearly doubles the Company's Floorplan capacity from $175 million to $327 million, and expands its Revolving Credit facility from $5 million to $25 million. The Company's $11.3 million term loan and $5.8 million mortgage debt will continue to be financed using the same amortization schedule. Fixed Charge Coverage and Leverage Ratio covenants remain unchanged.   

"M&T Bank has been a great partner in supporting Lazydays rapid growth," stated Nick Tomashot, Chief Financial Officer of Lazydays. "This expanded credit facility provides Lazydays the floorplan and liquidity capacity to support Lazydays geographic expansion strategy," commented Tomashot. 

ABOUT LAZYDAYS RV
As an iconic brand in the RV industry, Lazydays, The RV Authority, consistently provides the best RV sales, service, and ownership experience, which is why RVers and their families become Customers for Life. Lazydays continues to add locations at a rapid pace as it executes its geographic expansion strategy that includes both acquisitions and greenfields.

Since 1976, Lazydays RV has built a reputation for providing an outstanding customer experience with exceptional service excellence and unparalleled product expertise, along with being a preferred place to rest and recharge with other RVers. By offering the largest selection of RV brands from the nation's leading manufacturers, state-of-the-art service facilities, and thousands of accessories and hard-to-find parts, Lazydays RV provides everything RVers need and want.

Lazydays Holdings, Inc. is a publicly listed company on the Nasdaq stock exchange under the ticker "LAZY."

Forward–Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements describe Lazydays future plans, projections, strategies and expectations, including statements regarding Lazydays' expectations for future operating results, its expectations regarding the impact of its acquisition of its recently acquired dealerships in Phoenix, Arizona, Elkhart, Indiana, and Burns Harbor, Indiana, Marysville, TN, and its greenfield start-ups near Houston, Texas and Nashville, Tennessee, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Lazydays. Actual results could differ materially from those projected due to various factors, including economic conditions generally, conditions in the credit markets and changes in interest rates, conditions in the capital markets, the global impact of the pandemic outbreak of coronavirus (COVID-19) and other factors described from time to time in Lazydays' SEC reports and filings, which are available at www.sec.gov. Forward-looking statements contained in this news release speak only as of the date of this news release, and Lazydays undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances, unless otherwise required by law.

News Contact:
+1 (813) 204-4099
investors@lazydays.com 

 

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SOURCE Lazydays Holdings, Inc.

FAQ

What is the recent credit agreement value for Lazydays Holdings (LAZY)?

Lazydays Holdings secured a recent credit agreement valued at $369 million.

How has Lazydays Holdings' Floorplan capacity changed?

The Floorplan capacity increased from $175 million to $327 million.

What is the new Revolving Credit facility amount for Lazydays Holdings?

The new Revolving Credit facility amount is $25 million, up from $5 million.

When was the expanded credit facility for Lazydays announced?

The expanded credit facility was announced on July 15, 2021.

Who is the leading bank for Lazydays' expanded credit facility?

Manufacturers and Traders Trust Company (M&T Bank) is the leading bank for Lazydays' expanded credit facility.