Lazydays Holdings has 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,” said Nick Tomashot, chief financial officer of Lazydays. “This expanded credit facility provides Lazydays the floorplan and liquidity capacity to support Lazydays geographic expansion strategy.”