MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat
retailer, announced today that it has expanded its primary financing
facility to provide for borrowings of up to $205 million.
The expanded facility has a three-year term, expiring in June 2016, and
it has two, one-year options to renew, subject to lender approval.
Borrowings under the facility are secured primarily by the Company’s
inventory that is financed through the facility and related accounts
receivable. The Company’s real estate is not pledged. The facility is
led by GE Capital Commercial Distribution Finance and also includes M&T
Bank and Bank of the West. The facility contemplates that other lenders
may be added by the Company to finance other inventory not financed
under this facility, if needed. Prior to the expansion, this facility
was solely provided by GE Capital and allowed for $150 million in
borrowing capacity.
Michael H. McLamb, Executive Vice President, Chief Financial Officer and
Secretary of MarineMax, Inc. stated, “Despite reported weather
challenges that have persisted throughout the country, we believe the
marine industry is in a long-term cycle of growth. Accordingly, we have
extended and added to our financing capacity. The new facility provides
for the anticipated growth in our business and borrowing needs. The
facility provides the Company with increased liquidity, allowing it to
more easily capitalize on growth opportunities as they emerge.”
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nation’s largest
recreational boat and yacht retailer. Focused on premium brands, such as
Sea Ray, Boston Whaler, Meridian, Cabo, Hatteras, Azimut Yachts,
Grady-White, Bayliner, Harris FloteBote, Crest, Scout, Sailfish, Aquila,
Nautique and Malibu, MarineMax sells new and used recreational boats and
related marine products and services as well as provides yacht brokerage
and charter services. MarineMax currently has 54 retail locations in
Alabama, Arizona, California, Connecticut, Florida, Georgia, Maryland,
Massachusetts, Minnesota, Missouri, New Jersey, New York, North
Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas and
operates MarineMax Vacations in Tortola, British Virgin Islands.
MarineMax is a New York Stock Exchange-listed company. For more
information, please visit www.marinemax.com.
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include the Company’s belief that the marine
industry is in a long-term cycle of growth; the Company’s belief that
the new facility will provide for its anticipated growth and borrowing
needs; and the Company’s belief that added liquidity will make it easier
to take advantage of growth opportunities; and the Company’s assessment
of its ability to obtain and capitalize on growth opportunities. These
statements involve certain risks and uncertainties that may cause actual
results to differ materially from expectations as of the date of this
release. These risks include the Company’s ability to manage inventory
and expenses and accomplish its goals and strategies, general economic
conditions and the level of consumer spending, the Company’s ability to
integrate acquisitions into existing operations, the lenders ability to
provide the agreed upon financing and numerous other factors identified
in the Company’s Form 10-K and other filings with the Securities and
Exchange Commission.
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