Camping World Holdings Enters $175M Amended Mortgage Facility

What Happened
Camping World Holdings (through indirect subsidiaries of FRHP Lincolnshire, LLC) announced on August 25, 2026 that those subsidiaries entered into an Amended and Restated Credit Agreement with Manufacturers and Traders Trust Company (M&T) as administrative agent and other lenders. The A&R Mortgage Facility refinances the prior mortgage facility and provides a total senior secured mortgage commitment of $175.0 million.

Key Details

• Total facility: $175.0 million (senior secured mortgage loans).
  • Funded at closing: $132.8 million (which refinanced the prior facility).
  • Delayed draw commitments: $42.2 million available through Feb 25, 2031.
  • Net additional draw at closing: $20.8 million (after fees and holdbacks).
• Maturity: August 25, 2031 (prior facility matured Oct 27, 2027).
• Interest: Borrowers may choose term SOFR + 2.30% or base rate + 1.30%; unused delayed draw fee: 0.20% per annum on average daily unused commitments.
• Amortization: Quarterly payments equal to an aggregate annual amount of 5.0% of original principal, starting Sept 30, 2026; remaining balance due at maturity.
• Optional capacity: Borrowers may request up to an additional $100.0 million subject to conditions.
• Security & guarantees: Secured by mortgages on specified real property and related assets; guaranteed by Holdings, certain subsidiaries, and CWGS Group, LLC.
• Covenant: Consolidated debt service coverage ratio of at least 1.10 to 1.00, tested beginning with the period ending Sept 30, 2026.
• The company disclosed this financing under Item 1.01 (material agreement) and Item 2.03 (creation of a direct financial obligation). The full A&R Credit Agreement is filed as Exhibit 10.1.

Why It Matters
This agreement refinances and extends the prior mortgage debt, improving near- and medium-term liquidity by pushing the maturity to 2031 and providing additional delayed-draw capacity. Investors should note the new interest spreads, the 5% annual amortization beginning Sept 30, 2026 (which increases cash interest and principal outflows), and the 1.10x debt service coverage covenant that the borrowers must meet. Because the facility is mortgage-secured and guaranteed, it creates a material secured liability for the company’s consolidated subsidiaries.