Burdale Provides US$20m Senior Credit Facility for Winnebago Industries
16/10/2009
Burdale Capital Finance, Inc., a subsidiary of the Bank of Ireland Group is pleased to announce today the completion of a $20 million senior credit facility for Winnebago Industries, Inc. The facility will be used to finance working capital requirements for Winnebago.
Winnebago Industries, Inc. is a leading
U.S.
manufacturer of motor homes; self-contained recreation vehicles used primarily in leisure travel and outdoor recreation activities.
The facility offers Winnebago increased financial flexibility with the ability to borrow a considerable amount of the line without financial covenant restrictions, subject to adequate asset coverage. In addition, subject to certain conditions, the facility also includes an accordion option that can be exercised by the Company to increase the line size up to $50 million.
David Grende
, Chief Executive, Burdale Capital Finance said: “We are pleased to provide a creative financial solution that will enable the Company to execute its plan to return to profitability during these difficult economic times. Winnebago is a company that has a respected brand name and is recognised globally for its quality products. During these challenging times, Asset Based Lending is perfectly suited for businesses going through change. We look forward to working with Winnebago as its senior lender as they execute its plan.”
Sarah Nielsen, Chief Financial Officer, Winnebago Industries, Inc. said: “We are also pleased to be working with Burdale Capital Finance. The financial flexibility provided by the facility better allows us the ability to emerge from these challenging times. Burdale Capital Finance created a viable solution by taking the time to understand the current challenges and opportunities that exist in our industry today.”
