MarineMax expands financing capacity

Author:
Publish date:

MarineMax Inc. announced today that it has expanded its financing facility to provide for borrowings of up to $440 million, an increase from the previous limit of $400 million.

The expanded facility has a three-year term, expiring in October 2022, and it has two one-year options to renew, subject to lender approval. Borrowings 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 contemplates that other lenders may be added by the company to finance other inventory not financed under this facility.

“Reflecting on our recent acquisitions and looking toward the future, we felt it was prudent to add additional borrowing capacity,” said MarineMax executive vice president, CFO and secretary Michael McLamb in a statement.

“Additionally, given the strength of our balance sheet, we continue to enhance the facility to provide greater financial flexibility allowing us to more freely execute our strategies and initiatives, and take advantage of growth opportunities as they arise,” said McLamb. “We appreciate the confidence expressed by the commitment of our lenders to MarineMax through their ongoing support of our plans.”

The agent of the facility is Wells Fargo Commercial Distribution Finance and includes M&T Bank, Bank of the West and BB&T.

Related

Besenzoni - for over 50 years ambassador of made in Italy in the world - designs and produces accessories for pleasure and commercial boating characterized by simple and functional design

Besenzoni constantly assists its customers in 90 countries with 187 representative points and a direct assistance network consisting of 164 operating units around the world coordinated by the headquarters.

Sea Tow Saves Cold-Stunned Turtles

Its Corpus Christi outfit is rescuing turtles that were affected by the deep freeze in Texas.

Southern Marinas Sells Portfolio

The group had made six acquisitions last year and had a total of 12 properties under its umbrella.

2020 Neptune Award Winners Named

The annual marketing awards drew 129 entries in 20 categories.

‘A Great Start to 2021’

An onslaught of new and returning customers kept dealers busy in what is typically a slower time of year.

Nautique Names VP of Sales

Rick Skinner joins the Correct Craft subsidiary after 30-plus years with water-sports equipment manufacturer HO Sports.

MarineMax Expands Territories for Cruisers, MJM

The dealership will offer the brands at several of its locations, including Boston, Baltimore, Jacksonville and Charleston.