LCI Industries amends credit agreement to provide new $400 million term loan

By Wendy Van Sickle

Columbus, Ohio, Dec. 9 – LCI Industries entered into an amendment to its credit amendment on Dec. 7 to provide for a new $400 million term loan to Lippert Components, a portion of which will be used to repay in full the existing term loan under the credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

The remaining amount will be used to repay about $100 million of the $400 million outstanding under the credit agreement’s $600 million revolver.

The amendment also increases the accordion feature to $400 million from $300 million.

The revolver maturity date and the final term loan payment date was extended to Dec. 7, 2026 from Dec. 14, 2023.

The term loan must be repaid in installments of $5 million on the last business day of each fiscal quarter; stepping up to $7.5 million beginning with the last fiscal quarter of 2023 and $10 million on the last fiscal quarter of 2025 through maturity.

The amended agreement provides for Libor benchmark replacements.

JPMorgan Chase Bank, NA and Wells Fargo Securities, LLC are the joint bookrunners and lead arrangers. Wells Fargo Bank, NA is the syndication agent. JPMorgan Chase is the administrative agent.

Based in Elkhart, Ind., LCI supplies an array of components for the original equipment manufacturers of recreational vehicles and adjacent industries.

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