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COBURG, Ore. - Monaco Coach Corp. said Wednesday that it has obtained two loans worth $129.3 million that will be used to pay off and retire an existing credit facility.
The recreational vehicle maker said the loans consist of a $90 million three-year revolving working capital loan and security agreement with several lenders and Bank of America NA serving as agent. The remainder of the financing comes from a $39.3 million three-and-a-half-year secured term loan with Ableco Finance LLC.
"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," Chief Executive Kay Toolson said in a statement.
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