Lazydays Holdings, Inc.: debt financing — Lazydays closes $35M mortgage loan at 12% interest, maturing Dec 2026

Lazydays Holdings, Inc.

Loan of $35M at 12% (14% if PIK option exercised) matures Dec 29, 2026.
Borrower paid 2.5% origination fee; exit fee of 1% (yr 1) or 2% thereafter.
Secured by first mortgages on certain dealership properties and land.
Guaranteed by Lazydays Holdings and two subsidiaries; lender Coliseum Holdings I, LLC.
Lender/affiliates are significant stockholders; proceeds for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Lazydays Holdings, Inc. incurred mortgage of $35.0 million with Coliseum Holdings I, LLC at 12.0% per annum or, if the Borrower exercises its option during the first year o maturing December 29, 2026.

Instrument: mortgage
Principal: $35.0 million
Counterparty: Coliseum Holdings I, LLC
Rate: 12.0% per annum or, if the Borrower exercises its option during the first year o
Maturity: December 29, 2026
Event: incurrence

Exact text from the filing

On December 29, 2023, LD Real Estate, LLC, Lazydays RV of Ohio, LLC, Airstream of Knoxville at Lazydays RV, LLC, Lone Star Acquisition LLC, Lazydays Land of Phoenix, LLC and Lazydays Land of Chicagoland, LLC (collectively, the “Borrower”), each a wholly owned subsidiary of the Company, entered into a Loan Agreement (the “Loan Agreement”), with Coliseum Holdings I, LLC as lender (the “Lender”). The Loan Agreement evidences a $35.0 million mortgage loan with an interest rate of 12.0% per annum or, if the Borrower exercises its option during the first year of the mortgage loan to pay interest in kind rather than currently (which would add the amount thereof to the outstanding principal balance of the loan), 14.0% per annum.

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Source: SEC EDGAR

accession 0001493152-24-000130

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