Fleetwood seeking amendment to loan, changing structure and waiving fee

By Sara Rosenberg

New York, Dec. 9 - Fleetwood Enterprises Inc. is currently in discussions with Bank of America and other members of its lending syndicate to amend its credit facility. The company hopes to address structural issues in the facility and eliminate the fee payable on Jan. 26, 2003, according to a filing with the Securities and Exchange Commission.

At the end of the second quarter, short-term borrowings were $3.6 million under the $190 million facility and the borrowing base, which is based on inventories and accounts receivable, totaled $138 million. Including the unused minimum requirement, collateral reserves of $2.9 million, $42.8 million in standby letters of credit and the $3.6 million in outstanding borrowings, unused borrowing capacity was approximately $39 million.

Fleetwood is a Riverside, Calif. manufacturer of recreational vehicles.

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