Fleetwood gets $182 million amended and restated credit facility

By Sara Rosenberg

New York, Jan. 11 - Fleetwood Enterprises Inc. closed on a $182 million amended and restated senior secured credit facility that has seasonal uplift to $207 million from December through April, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Bank of America acted as the lead bank on the deal, which was completed Jan. 5.

The facility consists of a $22 million term loan and a $160 million revolver.

Pricing on the term loan can range from Libor plus 200 basis points to 300 bps and pricing on the revolver can range from Libor plus 150 bps to 250 bps, with the grids tied to the company's fixed charge coverage ratio.

Under the amended facility, the company is not subject to a financial performance covenant unless average daily liquidity for the consolidated Fleetwood entity falls below $50 million for any calendar month, or $25 million on any one day, or average daily availability falls below $20 million in any month.

If liquidity or availability falls below those levels, the company is required to meet an EBITDA covenant.

Fleetwood is a Riverside, Calif.-based producer of recreational vehicles and manufactured housing.

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