Winnebago Industries Enters New Credit Agreement Extending to 2031

What Happened

• Winnebago Industries, Inc. and certain subsidiaries entered into a Third Amended and Restated Credit Agreement dated August 20, 2026 (the “Credit Agreement”) with lenders and JPMorgan Chase Bank, N.A. as administrative agent. The agreement amends and restates the prior credit agreement and extends the facility’s maturity to August 20, 2031.

Key Details

• Facility: Asset-based lending credit facility up to $350 million (availability limited by a calculated borrowing base based on eligible accounts receivable and inventories).
• Cost: Borrowings bear interest at a floating rate (borrower’s election of term SOFR or REVSOFR30) plus an Applicable Spread of 1.25%–1.75%; a commitment fee of 0.25% per annum applies on the unused portion. Currently, Winnebago has no borrowings outstanding and would pay the lower 1.25% spread if at least 66% of the facility remained unused in the most recent quarter.
• Security and covenants: Obligations are secured by liens on substantially all assets of the borrowers and certain subsidiaries; the agreement includes customary representations, warranties, covenants and events of default, with certain reporting and covenant modifications from the prior agreement.

Why It Matters

• The agreement preserves Winnebago’s access to up to $350 million of liquidity through an asset-based lending facility and pushes the maturity date to 2031, providing multi-year financing flexibility. Interest costs will vary with borrowing levels and chosen benchmark rates (SOFR/REVSOFR30), and the facility is secured by substantially all company assets, which is typical but important for creditor priority. Investors should note the company currently has no outstanding borrowings under the facility.