Winnebago Industries Initiates Cash Tender Offer for Senior Secured Notes due 2028

Winnebago Industries, Inc. (NYSE: WGO) announced on February 3, 2025, the commencement of a cash tender offer to purchase up to $75.0 million of its 6.25% Senior Secured Notes due 2028. The company’s press release detailed the terms of the offer, excluding any applicable premiums paid in connection with the tender offer and accrued and unpaid interest.

The tender offer, part of the company’s capital allocation strategy, aims to enhance long-term shareholder value according to Michael Happe, President and CEO of Winnebago Industries. This move utilizes the company’s strong liquidity position to optimize its capital structure while driving innovation through strategic organic and inorganic investments.

Bryan Hughes, the Chief Financial Officer, highlighted that this offer aligns with the company’s proactive strategy to manage leverage effectively by leveraging strong cash flow generation and accumulation. The initiative aims to reduce higher-cost debt, demonstrating the company’s commitment to balancing its capital priorities.

Holders of the Notes have until February 14, 2025, to tender their Notes to be eligible for the Total Consideration. The settlement date for validly tendered Notes accepted for purchase before the Early Tender Date is expected to be around February 20, 2025, with a final settlement date expected by March 7, 2025.

The Tender Offer is set to expire at 5:00 p.m., New York City time, on March 4, 2025, unless extended, with J.P. Morgan Securities LLC serving as the Dealer Manager for the Offer.

Investors are cautioned that the contents of this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any actual results could vary due to uncertainties and risk factors highlighted within the company’s SEC filings.

For further details on the Tender Offer, inquiries can be directed to J.P. Morgan Securities LLC or D.F. King & Co., Inc., the Tender and Information Agent for the Offer.

Winnebago Industries, Inc. is a prominent North American manufacturer of outdoor lifestyle products, focusing on motorhomes, travel trailers, powerboats, and more. The company underscores its commitment to sustainable innovation and vertical integration in key component areas.

Please note that this press release is neither an offer to purchase nor a solicitation of an offer to sell any Notes related to the Tender Offer. This initiative is solely made pursuant to the terms and conditions specified in the Offer to Purchase, with the Company reserving the right to amend, extend, waive conditions, or terminate the Tender Offer, subject to applicable law.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Winnebago Industries’s 8K filing here.

About Winnebago Industries

Winnebago Industries, Inc manufactures and sells recreation vehicles and marine products primarily for use in leisure travel and outdoor recreation activities. The company operates through three segments: Towable RV, Motorhome RV, and Marine. It provides towable products that are non-motorized vehicles to be towed by automobiles, pickup trucks, SUVs, or vans for use as temporary living quarters for recreational travel, such as conventional travel trailers, fifth wheels, folding camper trailers, and truck campers under the Winnebago and Grand Design brand names.