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December 30, 2009 328
Thor Loans $10M to FreedomRoads LLC RV Dealer Network

by Dayton Business Journal

Thor Industries Inc. is loaning $10 million to the owners of one of its RV dealer networks.

Shelby County-based Thor (NYSE:THO) made the loan to be used for working capital by FreedomRoads LLC, whose 47 dealerships across the country accounted for 15 percent of Thor’s RV sales in fiscal year 2009, according to a recent filing with the U.S. Securities and Exchange Commission.

Principal on the 12 percent loan is due at the end of the next four years with the majority — $7.4 million — due in 2014. Interest payments are scheduled to be made quarterly.

Thor officials could not be reached for comment.

Officials from Airstream Inc., a Thor subsidiary also based in Shelby County, recently told the Dayton Business Journal the company has doubled output since August and has recalled more than 50 workers. Airstream also plans to hire another 25 in the first quarter, bringing its employee count to 240 after hitting a low of 160 this year.

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