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Auto Sales: Good News on the Horizon? [View article]
Monaco Coach Corporation Announces $129.3 Million in New Debt Financing
6:01a ET November 5, 2008 (Market Wire)
Monaco Coach Corporation (NYSE: MNC), one of the nation's leading manufacturers of recreational vehicles, today announced that it has entered into two new definitive financing arrangements, the first of which is a three-year $90 million revolving working capital loan and security agreement with several financial institutions and Bank of America, N.A., as agent for the lenders. The Company also executed a secured financing agreement with Ableco Finance, LLC for a $39.3 million 3.5-year secured term loan. The funding of these loan facilities is scheduled to occur today and will pay off and retire our existing credit agreement.
Looks like Banks are loaning money to distressed corporations again. Monaco Coach has been down 50% with no relief in sight for the near future. Yet they acquire substantial refinancing. Perhaps this signals the start of loosening up on corporate lending. Time to buy back into Sirius? Any thoughts?