MarineMax announced it extended its existing financing facility with GE Capital's Commercial Distribution Finance business.
The facility provides for up to $150 million of floorplan financing, according to MarineMax. The facility has a three-year term, expiring in June 2015, and 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.
Other lenders can be added by the company to finance other inventory not financed under this facility, according to MarineMax.
"Our over 14-year relationship with the GE Capital team continues to remain very strong and provides the stability in a lending partner that allows us not only to meet today's financing requirements but also our growth plans for the future," MarineMax executive vice president and CFO Michael H. McLamb said in a statement.