In what has been a seesaw effort to secure new credit facilities, Monaco Coach Corp. on Friday said it finally closed on two loans totaling $119 million.
The deals were initially announced on Wednesday, but the Coburg-based recreational vehicle manufacturer (NYSE: MNC) came back a day later to announce delays.
By Friday the deals were done, though not without some restructuring.
An initial three-year, $90 million revolving capital loan and security agreement with a collection of financial institutions led by Bank of America was reduced to $80 million, the company said.
It also secured a $39.3 million, three-and-a-half year short-term loan with Ableco Finance LLC.
Monaco said the loan money, and an initial draw on the new revolving credit loan of $37.4 million, was used to pay off an existing line of credit and term loan.
Source:http://www.bizjournals.com/portland/stories