ELKHART, Ind., March 25, 2021 /PRNewswire/ -- THOR
Industries, Inc. (NYSE: THO) today announced that it has
successfully completed the repricing of its Senior Secured Term
Loan B (the "Term Loan"). Both the USD and EUR tranches of the Term
Loan were repriced.
The outstanding balance of $942
million on the USD Term Loan B tranche was repriced at par
and the interest rate has been reduced to LIBOR +300 basis points
from LIBOR +375 basis points and includes six months of 101 soft
call protection. The LIBOR floor remains unchanged at 0.00%.
The outstanding balance of €503 million on the EUR Term Loan B
tranche was repriced at par and the interest rate has been reduced
to EURIBOR +300 basis points from EURIBOR +400 basis points and
includes six months of 101 soft call protection. The EURIBOR floor
remains unchanged at 0.00%.
The maturity date for the Term Loan remains February 1, 2026, and no material changes were
made to the covenants, including the financial covenants, or the
other debt repayment terms.
Based on the interest rates currently in effect and a Term Loan
balance outstanding of $1.54 billion,
the repricing is expected to generate cash interest savings of
approximately $13 million on an
annualized basis.
"We are pleased to have completed this repricing, which further
improves our capital structure and acknowledges the Company's
operational and financial performance since the initial issuance of
the Term Loan on February 1, 2019.
Since that time, our order backlog, net sales, and profitability
have increased, and our credit profile has improved. Given the
strength of our backlog, we have excellent revenue visibility for
at least the next twelve months and a positive long-term outlook
for the RV industry and our Company," said Colleen Zuhl, THOR's Senior Vice President and
Chief Financial Officer.
About THOR Industries, Inc.
THOR is the sole owner of
operating subsidiaries that, combined, represent the world's
largest manufacturer of recreational vehicles. For more information
on the Company and its products, please go to
www.thorindustries.com.
Forward-Looking Statements
This release includes
certain statements that are "forward-looking" statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
including with respect to expected cash interest savings, our
backlog, revenue visibility and the long-term outlook for the RV
industry and our Company. These forward-looking statements are made
based on management's current expectations and beliefs regarding
future and anticipated developments and their effects upon THOR,
and inherently involve uncertainties and risks. These
forward-looking statements are not a guarantee of future
performance. We cannot assure you that actual results will not
differ materially from our expectations. Factors which could cause
materially different results include, but are not limited to, the
risks and uncertainties disclosed in the risk factors,
forward-looking statement admonitions and otherwise in our
Quarterly Report on Form 10-Q for the quarter ended January 31, 2021 and in our Annual Report on Form
10-K for the fiscal year ended July 31,
2020.
We disclaim any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statements contained in
this release or to reflect any change in our expectations after the
date hereof or any change in events, conditions or circumstances on
which any statement is based, except as required by law.
Contact
Mark Trinske,
Vice President of Investor Relations
mtrinske@thorindustries.com
(574) 970-7912
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SOURCE THOR Industries, Inc.