Camping World Amends Credit Agreement
On April 23, Camping World Inc., a wholly-owned subsidiary of Good Sam Enterprises LLC, amended its credit agreement dated as of March 1, 2010.
According to an 8-K filing with the Securities and Exchange Commission (SEC), the amendment allows the company to:
- Increase borrowing availability by reducing the collateral availability block from $5.0 million to $2.5 million from Oct. 1 of each year through the last day of February of the immediately following year,
- Eliminate any restrictions on the number of new store openings during any year.
- Increase the interest rate margin from 2.75 percent to 3.25 percent.
As of the date of this filing, the principal balance of loans and letters of credit outstanding under the Camping World credit facility aggregated $16.8 million and $6.1 million, respectively, and $2.1 million is available for borrowing under the Camping World credit facility.
Camping World operates approximately 90 stores across the U.S. and is the No. 1 retailer of RVs.
Good Sam Enterprises LLC is the parent company of Woodall's Campground Management and www.woodallscm.com.