Camping World sets $931 million in term loans at Libor plus 300 bps

By Sara Rosenberg

New York, Oct. 3 – Camping World firmed the spread on its $195 million add-on senior secured term loan due Nov. 8, 2023 and repricing of its existing $736 million senior secured term loan B due Nov. 8, 2023 at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.

As before, the term loan debt has a 0.75% Libor floor and 101 soft call protection for six months, the add-on term loan has an original issue discount of 99.75 and the repricing has a par issue price.

Goldman Sachs Bank USA is the lead on the deal (B1/BB+).

Commitments were scheduled to be due at 5 p.m. ET on Tuesday and allocations are targeted for Wednesday, the source added.

Proceeds from the add-on term loan will be used for the purchase of inventory and capital expenditures for Gander Outdoors and for future acquisitions, and the repricing will take the existing term loan down from Libor plus 375 bps with a 0.75% Libor floor.

Camping World is a Lincolnshire, Ill.-based seller of RVs and supplier of RV parts, supplies and accessories.

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