Winnebago enters restated credit agreement for $350 million

By Mary-Katherine Stinson

Lexington, Ky., July 19 – Winnebago Industries Inc., Winnebago of Indiana, LLC, Grand Design RV, LLC and Newmar Corp. entered a second amended and restated credit agreement on July 15 providing maximum commitments of $350 million, according to an 8-K filing with the Securities and Exchange Commission Tuesday.

The maturity date has also been extended to July 15, 2027 subject to certain acceleration factors.

Borrowings will bear interest at SOFR plus 125 basis points to 175 bps, plus a credit spread adjustment of 10 bps. The actual rate will be based on the amount of borrowings outstanding. Winnebago may elect a one-month SOFR rate at its option.

There is a commitment fee of between 25 and 75 bps, also based on the average daily amount available but unused during the most recent quarter.

Currently, there are no outstanding borrowings under the agreement.

The agreement is secured by the assets of the borrowers and certain of their subsidiaries.

JPMorgan Chase Bank, NA is the administrative agent.

BMO Harris Bank NA is the syndication agent.

JPMorgan Chase Bank, NA and BMO Capital Markets Corp. are the joint bookrunners and lead arrangers.

Goldman Sachs Bank USA, Wells Fargo Bank, NA and U.S Bank NA are also listed as lenders on the agreement.

This credit agreement fully amends and restates the company’s existing amended and restated credit agreement dated as of Oct. 22, 2019 which had provided a five-year asset-based lending credit facility of up to $192.5 million.

Winnebago is an Eden Prairie, Minn.-based manufacturer of outdoor lifestyle products.

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