TAMPA,
Fla., Jan. 2, 2024 /PRNewswire/ -- Lazydays
(NasdaqCM: LAZY) ("the Company" or "Lazydays") today announced that
it has closed on a $35 million
mortgage loan facility funded by clients of Coliseum Capital
Management. The facility is secured by mortgages against certain
dealership facilities and land held for future development. It
bears interest at a rate of 12% and matures in December 2026.
The facility provides both liquidity in the current operating
environment and flexibility to secure alternative financing
arrangements on a property-by-property basis in the future. Owning
and financing dealership locations is core to Lazydays' strategy as
it maintains site control and prevents fixed costs from increasing
due to rent adjustments over time. This transaction allows the
Company to continue to execute on its ownership strategy while
providing liquidity as it locates other real estate financing,
similar to the mortgages funded earlier this year in Knoxville and Murfreesboro, Tennessee.
Lazydays intends to use the net proceeds from the facility for
general corporate purposes.
About Lazydays
Lazydays has been a prominent player in the RV industry since its
inception in 1976, earning a stellar reputation for delivering
exceptional RV sales, service, and ownership experiences. Its
commitment to excellence has led to enduring relationships with
RVers and their families, who rely on Lazydays for all their RV
needs.
With a strategic approach to rapid expansion, Lazydays is
growing its network through both acquisitions and new builds. Its
wide selection of RV brands from top manufacturers,
state-of-the-art service facilities, and an extensive range of
accessories and parts ensure that Lazydays is the go-to destination
for RV enthusiasts seeking everything they need for their journeys
on the road. Whether you are a seasoned RVer or just starting your
adventure, Lazydays' dedicated team is here to provide outstanding
support and guidance, making your RV lifestyle truly
extraordinary.
Lazydays is a publicly listed company on the Nasdaq stock
exchange under the ticker "LAZY."
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of the "Safe-Harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Forward looking statements include
statements regarding our goals, plans, projections and guidance
regarding our financial position, results of operations, market
position, pending and potential future acquisitions and business
strategy, and often contain words such as "project," "outlook,"
"expect," "anticipate," "intend," "plan," "believe," "estimate,"
"may," "seek," "would," "should," "likely," "goal," "strategy,"
"future," "maintain," "continue," "remain," "target" or "will" and
similar references to future periods. Examples of forward-looking
statements in this press release include, among others, statements
regarding:
- Our ability to find alternative lenders to provide mortgage
financing;
- Anticipated lower ownership costs over time as a result of
retaining ownership of our real estate; and
- Anticipated availability of liquidity from our operating real
estate.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events that depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance, and our actual results of operations, financial
condition and liquidity and development of the industry in which we
operate may differ materially from those made in or suggested by
the forward-looking statements in this press release. The risks and
uncertainties that could cause actual results to differ materially
from estimated or projected results include, without limitation,
future economic and financial conditions (both nationally and
locally), changes in customer demand, our relationship with, and
the financial and operational stability of, vehicle manufacturers
and other suppliers, risks associated with our indebtedness
(including available borrowing capacity, compliance with financial
covenants and ability to refinance or repay indebtedness on
favorable terms), acts of God or other incidents which may
adversely impact our operations and financial performance,
government regulations, legislation and others set forth throughout
"Part II, Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations" and in "Part I, Item 1A. Risk
Factors" of our most recent Annual Report on Form 10-K, and from
time to time in our other filings with the SEC. We urge you to
carefully consider this information and not place undue reliance on
forward-looking statements. We undertake no duty to update our
forward-looking statements, including our earnings outlook, which
are made as of the date of this release.
Contact:
Investor Relations
investors@lazydays.com
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SOURCE Lazydays