Friday, November 07, 2008
MONACO GOT IT'S FINANCING
RV Business
Friday, November 7, 2008
Coburg, Ore.-based Monaco Coach Coro. announced today (Nov. 7) that the new credit facilities it had previously announced it was negotiating have now closed and been funded.
The first of these facilities is a three-year $80 million revolving working capital loan and security agreement with several financial institutions and Bank of America, N.A., as agent for the lenders. This facility was reduced from the previously announced level of $90 million to $80 million.
The second facility is a secured financing agreement with Ableco Finance LLC for a $39.3 million 3.5-year secured term loan. The term loan proceeds and an initial draw on the new revolving loan of $37.4 million were used to pay off the existing revolving line of credit and term loan, as well as for general corporate purposes.
Friday, November 7, 2008
Coburg, Ore.-based Monaco Coach Coro. announced today (Nov. 7) that the new credit facilities it had previously announced it was negotiating have now closed and been funded.
The first of these facilities is a three-year $80 million revolving working capital loan and security agreement with several financial institutions and Bank of America, N.A., as agent for the lenders. This facility was reduced from the previously announced level of $90 million to $80 million.
The second facility is a secured financing agreement with Ableco Finance LLC for a $39.3 million 3.5-year secured term loan. The term loan proceeds and an initial draw on the new revolving loan of $37.4 million were used to pay off the existing revolving line of credit and term loan, as well as for general corporate purposes.
