MarineMax Expands Financing Capacity
June 14 2016 - 8:00AM
Business Wire
~ Increases Borrowing Facility to $300
Million ~
MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational
boat and yacht retailer, announced today that it has expanded its
financing facility to, among other things, provide for borrowings
of up to $300 million from the previous limit of $260 million.
The expanded facility has a three-year term, expiring in October
2019 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 agent of the facility is Wells Fargo Commercial
Distribution Finance (formerly GE Capital, Commercial Distribution
Finance) and 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.
Michael H. McLamb, Executive Vice President, Chief Financial
Officer and Secretary of MarineMax, Inc. stated, “As we continue to
produce solid year-over-year growth, it is prudent to increase our
borrowing capacity in anticipation of future industry improvement
and anticipated strong demand for new models from our manufacturing
partners. Our lenders understand the industry and improvements to
our financing facility are reflective of our strong results,
allowing for more financial flexibility. This enhanced financial
flexibility should allow us to capitalize on acquisitions and other
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, Hatteras, Azimut
Yachts, Ocean Alexander, Galeon, Grady-White, Harris, Crest, Scout,
Sailfish, Sea Pro, Scarab Jet Boats, Aquila, and Nautique,
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 56 retail locations in
Alabama, California, Connecticut, Florida, Georgia, Maryland,
Massachusetts, Minnesota, Missouri, New Jersey, New York, North
Carolina, Ohio, Oklahoma, Rhode Island, 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 facility's term and
options to renew; the potential addition of lenders to the
facility; the Company’s anticipation of future industry improvement
and anticipated strong demand for new models from the Company's
manufacturing partners; and the Company’s belief that the enhanced
financial flexibility provided by the increase in capacity should
allow the Company to capitalize on acquisitions and growth
opportunities as they emerge. 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, the quality of
the new product offerings from the Company's manufacturing
partners, 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 for the fiscal year ended September 30, 2015,
subsequent Reports on Form 8-K and 10-Q and other filings with the
Securities and Exchange Commission. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160614005122/en/
MarineMax, Inc.Michael H. McLamb, 727-531-1700Chief Financial
OfficerorAbbey Heimensen, 727-531-1700Public RelationsorICR,
Inc.Brad Cohen, 203-682-8211bcohen@icrinc.com
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