Winnebago Industries (NYSE: WGO) will redeem $100,000,000 of its $200,000,000 aggregate principal amount of 6.250% Senior Secured Notes due 2028 on February 20, 2026.
The redemption price is 100% of principal plus accrued and unpaid interest to, but not including, the redemption date; notice was sent to record holders on February 5, 2026. Management said the move aims to improve leverage and financial flexibility.
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Positive
Reduces secured debt by $100,000,000 (50% of outstanding Notes)
Redemption at par (100% of principal) limits premium cash cost
Company guidance expects stronger balance sheet and improved leverage in H2 of fiscal year
Negative
Immediate cash outflow of $100,000,000 plus accrued interest on February 20, 2026
$100,000,000 of the 6.250% Senior Secured Notes due 2028 remain outstanding
News Market Reaction – WGO
-0.49%
-0.49%Session close to close
In the Feb 6 session, WGO declined 0.49%, reflecting a mild negative market reaction.
This announcement describes Winnebago Industries’ plan to redeem $100,000,000 of its 6.25% Senior Se...
Analysis
This announcement describes Winnebago Industries’ plan to redeem $100,000,000 of its 6.25% Senior Secured Notes due 2028 at 100% of principal plus accrued interest on February 20, 2026. The CFO links this move to improving balance sheet leverage and maintaining strong cash balances. In context of recent earnings showing stronger cash flow and prior debt reduction disclosed in SEC filings, this step extends the company’s balance sheet optimization theme while still leaving note obligations outstanding.
Key Figures
Notes redeemed:$100,000,000Notes outstanding:$200,000,000Coupon rate:6.250%+2 more
5 metrics
Notes redeemed$100,000,000Principal amount of 6.25% Senior Secured Notes to be redeemed
Notes outstanding$200,000,000Aggregate principal amount of 6.25% Senior Secured Notes before redemption
Coupon rate6.250%Interest rate on Senior Secured Notes due 2028
Redemption dateFebruary 20, 2026Scheduled redemption date for the notes
Redemption price100% of principalPrice at which notes will be redeemed, plus accrued interest
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Recent news has been largely positive, with share reactions mostly aligning; one innovation award saw a negative move, but earnings and ESG updates drew positive responses.
Recent Company History
Over the last few months, Winnebago Industries has highlighted innovation, ESG progress, and improving fundamentals. On Dec 19, 2025, it reported Q1 fiscal 2026 results with higher revenues, improved cash flow, and updated guidance. Subsequent releases showcased new RV models and Barletta’s pontoon stabilization technology, plus a 2025 Corporate Responsibility Report with safety and community metrics. Today’s partial redemption of 6.25% notes fits into the broader theme of balance sheet and leverage improvement noted in recent filings and proxy materials.
Key Terms
senior secured notes, aggregate principal amount, indenture, redemption price, +3 more
7 terms
senior secured notesfinancial
"the outstanding $200,000,000 aggregate principal amount of its 6.250% Senior Secured Notes due 2028"
Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.
aggregate principal amountfinancial
"the outstanding $200,000,000 aggregate principal amount of its 6.250% Senior Secured Notes"
The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.
indentureregulatory
"Pursuant to the terms of the indenture governing the Notes, the company will redeem"
An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.
redemption pricefinancial
"the company will redeem the outstanding Notes at a redemption price of 100% of their principal"
The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.
accrued and unpaid interestfinancial
"plus accrued and unpaid interest to, but not including, the redemption date"
Accrued and unpaid interest is the interest that has built up on a loan or debt but hasn't been paid yet. It's like owing your friend money for a favor over time—you're expected to pay it later, even though you haven't paid it yet. This matters because it shows how much you owe beyond the original amount borrowed.
forward-looking statementsregulatory
"This press release may contain forward-looking statements within the meaning of the"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
senior secured notesfinancial
"risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability"
Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.
EDEN PRAIRIE, Minn., Feb. 05, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today announced that it will redeem $100,000,000 of the outstanding $200,000,000 aggregate principal amount of its 6.250% Senior Secured Notes due 2028 (the “Notes”) on February 20, 2026. Pursuant to the terms of the indenture governing the Notes, the company will redeem the outstanding Notes at a redemption price of 100% of their principal amount, plus accrued and unpaid interest to, but not including, the redemption date.
“This redemption reflects our stated focus on improving balance sheet leverage while continuing to generate cash flow and maintain strong cash balances,” said Winnebago Industries’ Chief Financial Officer Bryan Hughes. “We expect our balance sheet to strengthen further during the seasonally stronger second half of our fiscal year, enhancing our financial flexibility as we continue to prioritize leverage improvement within a balanced capital allocation strategy.”
On February 5, 2026, a copy of the notice of redemption with respect to the outstanding Notes was sent to record holders of the Notes by U.S. Bank Trust Company, National Association, the trustee under the indenture governing the Notes.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Winnebago Industries Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota, and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO.
Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the Company’s intention to redeem $100,000,000 of its outstanding notes. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from the projected or suggested results is contained in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. These forward-looking statements should be considered in light of the discussion of risks and uncertainties described under the heading “Risk Factors” contained in the Company’s most recent annual report on Form 10-K, Quarterly Reports on Form 10-Q, as well as any amendments to such filings, and in other filings with the SEC. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Contacts Investors: Joan Ondala | ir@winnebagoind.com Media: Daniel Sullivan | media@winnebagoind.com
FAQ
What is Winnebago Industries (WGO) redeeming on February 20, 2026?
Winnebago is redeeming $100,000,000 of its 6.250% Senior Secured Notes due 2028 on February 20, 2026. According to the company, the redemption will be at 100% of principal plus accrued and unpaid interest to, but not including, the redemption date.
How much of WGO's 2028 secured notes will remain after the February 20, 2026 redemption?
After the redemption, $100,000,000 of the 6.250% Senior Secured Notes due 2028 will remain outstanding. According to the company, $200,000,000 was originally outstanding and $100,000,000 is being redeemed on February 20, 2026.
What is the cash cost to Winnebago for redeeming $100,000,000 of notes?
The stated cash cost is 100% of principal plus accrued and unpaid interest through the redemption date. According to the company, holders will receive par value of principal and accrued interest payable to, but not including, February 20, 2026.
Why is WGO redeeming part of its 6.250% Senior Secured Notes due 2028?
The company says the redemption is intended to improve balance sheet leverage and financial flexibility. According to the company, management expects further balance sheet strengthening during the seasonally stronger second half of the fiscal year.
When were noteholders notified about Winnebago's redemption of the 2028 notes?
Record holders were sent a notice of redemption on February 5, 2026 by the trustee. According to the company, U.S. Bank Trust Company, National Association served as trustee and distributed the redemption notice to holders.
