RV Retailer LLC has completed the repricing of its $596 million term loan B due February 2028 and the accompanying $200 million fungible add-on to the term loan that will be used to finance the company's near-term acquisition pipeline, according to sources. The transaction lowered the spread on the facility to 375 basis points over the secured overnight financing rate plus a credit spread adjustment. The repriced term loan came at par while the new money add-on priced at an original issue discount of 99.5. Goldman Sachs was sole lead arranger on the deal. The term loan was previously priced at L+400, with a 0.75% Libor floor. RV Retailer, backed by Redwood Capital, is a U.S. recreational vehicle retail company providing new and used RV sales, service and parts, and financial services.
Terms:
| Borrower | RV Retailer LLC |
| Issue | $596 million repriced term loan B, $200 million fungible add-on term loan |
| UoP | Repricing, M&A |
| Spread | Sofr+CSA+375 |
| Sofr+CSA floor | 0.75% |
| Price | 100 (repricing)/99.5 (new money) |
| Tenor | February 2028 |
| YTM | 4.58% (repricing)/4.68% (new money) |
| Four-year yield | 4.58% (repricing)/4.72% (new money) |
| Call protection | 101 soft call for 6 months |
| Corporate ratings | B+/B1 |
| Facility ratings | BB-/B1 |
| Recovery ratings | 2 |
| Financial covenants | None |
| Arrangers | GS |
| Admin agent | GS |
| Px Talk | Sofr+CSA+350-375/0.75%/100 (repricing)/99.5 (new money) |
| Sponsor | Redwood Capital |
| Notes | CSA: 10/15/25 (1-month, 3-month, 6-month). |