Monaco Coach Corp. said funding under its new debt financing programs was delayed Thursday (Nov. 5), a day after it announced the agreements.
The company said it is working with the lending group to resolve the issue.
Monaco had on Wednesday announced two new definitive financing arrangements for $129.3 million. The first is a three-year $90 million revolving working capital loan and security agreement with a group of lenders led by Bank of America.
The second is a secured financing agreement with Ableco Finance LLC for a $39.3 million 3 1/2-year secured term loan.
The company was expecting to pay off and retire its existing credit facility with the new loan agreements.