MarineMax said today that it extended the terms of its CGI Finance credit facility.
The facility provides for as much as $30 million of floorplan financing, in addition to the $150 million inventory financing facility the company has with General Electric.
“Our relationship with CGI has gained strength over the last few years,” Michael H. McLamb, executive vice president, chief financial officer and secretary of MarineMax, said in a statement. “We are pleased to have CGI as both a retail lender for our customers and a floor plan partner for our inventory.”
The CGI facility is designed to provide financing for MarineMax’s Azimut inventory needs. The facility includes renewal options, subject to CGI’s approval, and each advance under the facility can remain outstanding for 18 months.
The company’s new and used Azimut inventory that is financed by the facility is pledged as collateral. The facility contemplates that MarineMax may add other lenders to finance inventory not financed under the facility, if needed.