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.