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National RV retailer network FreedomRoads LLC today (June 9) announced that it has closed a $400 million floorplan credit facility through a syndication of seven major lenders led by Key Bank and Bank of America, which will act as administrator.
Chicago area-based FreedomRoads, which owns and operates 54 retail locations in 21 states representing over $1 billion in annual revenues, said the syndication was the largest in the RV and marine industries.
“We are all very excited to have partnered with such forward-thinking financial institutions to create a productive financial tool for growth,” said Roger Nuttall, executive vice president and CFO of FreedomRoads. “This credit facility gives us the flexibility and financial power to aggressively and systematically build our business.”
In addition to Key Bank and Bank of America, other participating financial institutions include BankOne, Fifth-Third, GE Commercial Distribution Finance, M and T, and National City.
Key Bank Senior Vice President Kevin Von Busch noted, “The sheer size of this syndication and the collective judgment of those institutions who participated says a great deal about how confident we all are in the strength and management of FreedomRoads, and their enviable position in an expanding industry.”
According to the company, the credit facility will help FreedomRoads more efficiently manage its inventory.
“Having the right amount of inventory in the proper environment is key to selling in this industry,” said Randy Thompson, vice president of corporate strategy and initiatives. “This credit facility is aimed at funding our floorplan needs and it’s going to help us to become even an even greater force in the RV industry.”