Lazydays Holdings, Inc. Secures $369 Million Expanded Credit Facility
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
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."
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SOURCE Lazydays Holdings, Inc.
Company Codes: NASDAQ-NMS:LAZY
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