Fleetwood amends and restates to accommodate revolver borrowing base increase, $22 million term loan

By Sara Rosenberg

New York, July 7 - Fleetwood Enterprises Inc. closed on an amended and restated credit facility that increases the total loan commitments to accommodate a prior $15 million addition to the revolver borrowing base and to fund a new $22 million term loan collateralized by real estate, according to an 8-K filed with the Securities and Exchange Commission Thursday. Bank of America acted as the lead bank on the deal.

The facility additions and changes, which closed July 1, raised total loan commitments to $212 million from May through November, with a seasonal uplift to $237 million from December through April.

Under the amendment and restatement, the company is not subject to a financial performance covenant, except in the case that its average monthly liquidity falls below $60 million within the borrowing subsidiaries or $90 million including the parent company. Under these circumstances the company is required to meet a designated cumulative EBITDA requirement.

Fleetwood is a Riverside, Calif., manufacturer of recreational vehicles and a producer and retailer of manufactured housing.

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