Monaco Coach Corporation Announces $129.3 Million in New Debt Financing
05 Novembro 2008 - 9:00AM
Marketwired
Monaco Coach Corporation (NYSE: MNC), one of the nation's leading
manufacturers of recreational vehicles, today announced that it has
entered into two new definitive financing arrangements, the first
of which is a three-year $90 million revolving working capital loan
and security agreement with several financial institutions and Bank
of America, N.A., as agent for the lenders. The Company also
executed a secured financing agreement with Ableco Finance, LLC for
a $39.3 million 3.5-year secured term loan. The funding of these
loan facilities is scheduled to occur today and will pay off and
retire our existing credit agreement.
"We are extremely pleased to have signed these two financing
arrangements, which we believe give us the liquidity and
flexibility to continue executing on our operational restructuring
plan to size the Company for today's market," said Kay Toolson,
Chairman and CEO of Monaco Coach Corporation. "Despite these
difficult times for our industry, today's announcement of our new
financing agreements reinforces to our dealer partners, vendors and
retail customers that Monaco Coach Corporation is on solid
financial footing and will remain a strong partner."
"We remain committed to product innovation and quality and look
forward to displaying some exciting new models this December at the
National RV Trade Show in Louisville, Kentucky," added Toolson. "We
continue to introduce new towable and motorized products to help
increase retail traffic at our dealer partner locations, continue
our market share gains in the Class A segment, as well as grow our
towable market share."
About Monaco Coach Corporation
Monaco Coach Corporation, a leading national manufacturer of
motorized and towable recreational vehicles, is ranked as the
number one producer of diesel-powered motorhomes. Dedicated to
quality and service, Monaco Coach is a leader in innovative RVs
designed to meet the needs of a broad range of customers with
varied interests and offers products that appeal to RVers across
generations.
Headquartered in Coburg, Oregon, with manufacturing facilities
in Indiana, the Company offers a variety of RVs, from entry-level
priced towables to custom-made luxury models under the Monaco,
Holiday Rambler, Safari, Beaver, McKenzie, and RVision brand names.
The Company maintains RV service centers in Harrisburg, Oregon and
Wildwood, Florida and operates motorhome-only resorts in
California, Florida, Nevada and Michigan.
Monaco Coach Corporation trades on the New York Stock Exchange
under the symbol "MNC," and the Company is included in the S&P
Small-Cap 600 stock index. For additional information about Monaco
Coach Corporation, please visit www.monaco-online.com or
www.trail-lite.com.
The statements above regarding the anticipated funding of the
loans and concurrent retirement of our existing credit agreement
and our belief that the new financing gives the Company the
liquidity and flexibility to continue executing on our operational
restructuring plan are forward-looking statements subject to
various risks and uncertainties that could cause actual results to
differ materially from these statements. These risks and
uncertainties include (i) our ability to meet certain standard
funding conditions, (ii) in the absence of funding, our ability to
obtain a further waiver from our existing lenders, (iii) the risks
of continued deterioration in the economy and the market for our
products and (iv) our ability to remain in compliance with the
covenants under the new financing arrangements. Please refer to the
Company's SEC reports for additional risks and uncertainties,
including but not limited to the most recent Form 10-Q, the annual
report on Form 10-K for 2007, and the 2007 Annual Report to
Shareholders for additional factors. These filings can be accessed
over the Internet at http://www.sec.gov or
http://www.monaco-online.com.
CONTACT: Craig Wanichek Director of Investor Relations Monaco
Coach Corporation (541) 681-8029 Email Contact
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