RV Retailer FreedomRoads gets new Financing
The transaction was led by J. P. Morgan Securities Inc. as sole lead arranger and bookrunner, JPMorgan Chase Bank, N.A. as documentation agent and Bank of America, N.A. as administrative agent, collateral agent and floor plan agent. Six additional financial institutions participated in the syndication including KeyBank National Association, Fifth Third Bank, GE Commercial Distribution Finance Corporation, Manufacturers & Traders Trust Company, U.S. Bank National Association and Citizens Bank of Pennsylvania. The broad participation by these major lenders reflects FreedomRoads' position as the clear leader in the RV industry.
"The amended floor plan facility and new revolving credit facility provide FreedomRoads with the flexibility and capacity to continue to execute our operating strategy," said Roger Nuttall, Executive Vice President and Chief Financial Officer of FreedomRoads. "The terms and conditions of the amended facility allow the company to meet its growth objectives and further solidify our position as the industry leader."
Over the last year FreedomRoads has successfully focused on enhancing sales productivity by instituting sophisticated sales, marketing and inventory programs. This credit facility, which will help the company more efficiently manage its inventory, is another important tool in driving sales at rates that significantly outpace the industry. The new facility also allows the company to finance additional strategic acquisitions which meet its investment criteria.
FreedomRoads is a dynamic national network of well-established local and regional RV dealerships that have united to benefit customers, employees, suppliers and the RV industry. FreedomRoads operates as a multi-store retail chain engaged in the retail sale, finance and service of recreational vehicles.
FreedomRoads is America's largest RV retailer operating 57 locations in 23 states including: Alabama, California, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, New Hampshire, New Jersey, New Mexico, Nevada, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah and Washington.
FreedomRoads stocks over $350 million of new and used recreational vehicle inventory representing over 40 manufacturers. For additional information, please visit www.FreedomRoads.com, where the largest selection of recreational vehicles is available for sale.