May 20, 2024
Loans

Lazydays Announces $35 Million Mortgage Loan Facility – RVBusiness


TAMPA, Fla. — Lazydays (NasdaqCM: LAZY) announced that it has closed on a $35 million mortgage loan facility funded by clients of Coliseum Capital Management. The facility is secured by mortgages against certain dealership facilities and land held for future development. It bears interest at a rate of 12% and matures in December 2026.

The facility provides both liquidity in the current operating environment and flexibility to secure alternative financing arrangements on a property-by-property basis in the future. Owning and financing dealership locations is core to Lazydays’ strategy as it maintains site control and prevents fixed costs from increasing due to rent adjustments over time. This transaction allows the company to continue to execute on its ownership strategy while providing liquidity as it locates other real estate financing, similar to the mortgages funded earlier this year in Knoxville and Murfreesboro, Tenn.

Lazydays intends to use the net proceeds from the facility for general corporate purposes.

About Lazydays

Lazydays has been a prominent player in the RV industry since its inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Its commitment to excellence has led to enduring relationships with RVers and their families, who rely on Lazydays for all their RV needs.

With a strategic approach to rapid expansion, Lazydays is growing its network through both acquisitions and new builds. Its wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to destination for RV enthusiasts seeking everything they need for their journeys on the road. Whether you are a seasoned RVer or just starting your adventure, Lazydays’ dedicated team is here to provide outstanding support and guidance, making your RV lifestyle truly extraordinary.



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