Thor Industries amends term loan and ABL credit agreements, extends maturities to 2030 and 2028
Thor Industries amended its term loan and asset-based lending (ABL) credit agreements with JPMorgan Chase Bank on November 15, 2023. The term loan margin was cut by 0.25%, the SOFR adjustment was removed, and maturity was extended to November 15, 2030, while the ABL maturity was extended to November 15, 2028. The changes lower borrowing costs and push out debt repayment dates, though covenants are largely unchanged.
- Term loan applicable margin reduced by 0.25%: 1.75% for ABR loans, 2.75% for Term Benchmark loans
- Term loan maturity extended to November 15, 2030; principal outstanding was $450 million (USD) and €330 million (Euro) as of November 15, 2023
- ABL credit agreement maturity extended to November 15, 2028; total commitments remain at $1.0 billion