On October 22, 2019, Winnebago Industries, Inc., Winnebago of Indiana, LLC and Grand Design RV, LLC (collectively, the “Borrowers”) entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) among the Borrowers, the other loan parties party thereto from time to time, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as the administrative agent (the “Administrative Agent”).

The Credit Agreement amends and restates in its entirety that certain Credit Agreement dated as of November 8, 2016 among the Borrowers, the other loan parties party thereto, the lenders party thereto from time to time and the Administrative Agent (the “Existing Credit Agreement”), which provided for a five-year asset-based lending credit facility of up to $165.0 million.

Among other things, the new Credit Agreement increases the maximum commitments available under the credit facility by $27.5 million to $192.5 million and extends the maturity date to October 22, 2024, subject to certain factors which may accelerate the maturity date.

The Borrowers’ obligations to repay amounts borrowed under the Credit Agreement are secured by liens on substantially all of the assets of the Borrowers and certain of their subsidiaries, and the amount available for borrowing under the Credit Agreement is limited to the lesser of the facility total and the calculated borrowing base, which is based on stipulated loan percentages applied to eligible trade accounts receivable and eligible inventories of the Borrowers. Borrowings under the Credit Agreement, subject to availability, may be made at the election of the Borrowers based on various rates plus specific spreads depending on the amount of borrowings outstanding. The Borrowers currently pay interest on borrowings under the Credit Agreement at a floating rate based upon LIBOR plus 1.25%, as well as a commitment fee of 0.25% on the average daily amount of the facility available, but unused. The Credit Agreement contains customary representations, warranties, affirmative and negative covenants, limitations and events of default, consistent with the Existing Credit Agreement.

In connection with the Credit Agreement, the Existing Credit Agreement was terminated on October 22, 2019. No penalties were paid in connection with the termination of the Existing Credit Agreement.

The description in Item 1.01 of this Current Report on Form 8-K is incorporated in its entirety into this Item 2.03 by this reference.

Item 9.01>Financial Statements and Exhibits.

(d) Exhibits

WINNEBAGO INDUSTRIES INC Exhibit
EX-10.1 2 wgoamendedandrestatedcre.htm EXHIBIT 10.1 wgoamendedandrestatedcre EXHIBIT 10.1 EXECUTION VERSION AMENDED AND RESTATED CREDIT AGREEMENT dated as of October 22,…
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About Winnebago Industries, Inc. (NYSE:WGO)

Winnebago Industries, Inc. is a manufacturer of recreation vehicles (RVs) used primarily in leisure travel and outdoor recreation activities. The Company designs, develops, manufactures and markets motorized and towable recreation products along with supporting products and services. Its other products manufactured by the Company consist of original equipment manufacturer (OEM) parts, including extruded aluminum and other component products for other manufacturers and commercial vehicles. The Company offers products under categories, which include motorhomes, towables and other manufactured products. The Company produces all of its motorhomes in vertically integrated manufacturing facilities in Iowa and it produces all travel trailer and fifth wheel trailers in Indiana. The Company operates under the brand, Winnebago. The Company distributes its products primarily through independent dealers throughout the United States and Canada, who then retail the products to the end consumer.