The extended maturity and delayed draw capacity reduce near-term refinancing risk and provide optionality for real estate acquisitions. Monitor the company's ability to maintain the 1.10x DSCR covenant given floating-rate exposure (SOFR+230bp) and watch for draws on the delayed draw facility as signals of expansion plans.
Price Chart
Executive Summary
Camping World Holdings' indirect subsidiaries entered into an Amended and Restated Credit Agreement with M&T Bank and other lenders, refinancing $132.8M of existing mortgage debt and adding $20.8M of new cash at closing plus $42.2M in delayed draw commitments available through February 2031. The facility extends the maturity from October 2027 to August 2031 and provides up to $100M of additional borrowing capacity subject to conditions, modestly improving liquidity and reducing near-term refinancing risk.
Key Facts
- Aggregate facility of $175.0M: $132.8M funded at closing (refinancing prior loans) and $42.2M delayed draw commitments available through February 25, 2031
- An additional $20.8M was drawn at closing net of fees and lender holdbacks
- Maturity extended to August 25, 2031 from the prior October 27, 2027 maturity
- Interest rate: Term SOFR + 2.30% per annum or Base Rate + 1.30% per annum
- Amortization of 5.0% of original principal per year in quarterly installments, remaining balance due at maturity
- Financial covenant requires Consolidated Debt Service Coverage Ratio of at least 1.10:1.00, tested quarterly starting September 30, 2026
- Borrowers may request up to an additional $100.0M of borrowing capacity subject to specified conditions
- Facility is secured by mortgages on 23 specified real properties and guaranteed by Holdings, certain subsidiaries, and CWGS Group, LLC
Financial Impact
Refinancing extends $132.8M of existing debt maturity by ~4 years and provides $20.8M in new cash at closing plus $42.2M in delayed draw capacity; total facility size $175M relative to $675M market cap
Risk Factors
- Rising SOFR rates will increase interest expense on the floating-rate facility
- Failure to maintain DSCR above 1.10x could trigger covenant default and accelerate repayment
- Additional draws under the delayed draw facility or the $100M accordion would increase leverage
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-103869 |
| Document: cwh-20260825x8k.htm | 0001104659-26-103869 |
| Document: 0001104659-26-103869-index-headers.html | 0001104659-26-103869 |
| Document: 0001104659-26-103869-index.html | 0001104659-26-103869 |
| Document: 0001104659-26-103869.txt | 0001104659-26-103869 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | SC 13G | $4.53 | awaiting T+5 | — | $4.20 (−7.28%) |
Oct 5, 2026 21d ago | 8-K | $4.55 $4.54 | ▲ +0.22% | ▲ +0.64% | $4.20 (+7.69%) |
Oct 1, 2026 25d ago | SC 13G | $5.01 $4.48 | ▼ −10.58% | ▼ −11.88% | $4.20 (−16.17%) |
Aug 31, 2026 8w ago | 8-K | $6.49 $6.18 | ▼ −4.78% | ▼ −4.86% | $4.20 (−35.29%) |
Jul 17, 2026 14w ago | Press Release | $6.18 | awaiting T+5 | — | $4.20 (−32.04%) |
Apr 10, 2026 28w ago | 8-K | $7.29 $7.69 | ▲ +5.49% | ▲ +0.98% | $4.20 (−42.39%) |
Mar 30, 2026 30w ago | Court Ruling | $6.58 $6.37 | ▼ −3.19% | ▼ −7.49% | $4.20 (−36.17%) |
Feb 28, 2026 34w ago | Institutional Cluster | $8.08 $7.47 | ▼ −7.55% | ▼ −6.34% | $4.20 (−48.02%) |
Feb 24, 2026 34w ago | 8-K | $9.06 $7.65 | ▼ −15.56% | ▼ −14.46% | $4.20 (−53.64%) |
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