Thor loans $10M to owners of dealer network

Business
By Staff Report
Dec 29, 2009
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JACKSON CENTER — Thor Industries, a maker of buses and recreational vehicles, has agreed to loan $10 million to the owners of an RV dealership network that buys Thor’s products, according to a filing with federal securities regulators.

Thor entered into the agreement with Marcus Lemonis, Stephen Adams and the Stephen Adams Living Trust on Dec. 22, according to the U.S. Securities and Exchange Commission filing.

The borrowers own 95 percent of FreedomRoads Holding Co. LLC, which indirectly owns FreedomRoads LLC.

The money will be used as working capital for one of FreedomRoads’ subsidiaries, the filing states.

In fiscal 2009, FreedomRoads made up 15 percent of Thor’s consolidated net sales of recreational vehicles and 11 percent of Thor’s consolidated net sales to Freedom Roads 47 dealerships in the United States.

The loan matures in December 2014 and carries an annual interest rate of 12 percent.

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