MarineMax Expands Financing Capacity
November 01 2018 - 8:00AM
Business Wire
~ Increases Borrowing Facility to $400
Million and Enhances Terms ~
MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational
boat and yacht retailer, announced today that it has expanded its
financing facility to provide for borrowings of up to $400 million
from the previous limit of $350 million.
The expanded facility has a three-year term, expiring in October
2021, 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 contemplates that other lenders may be added
by the Company to finance other inventory not financed under this
facility.
Michael H. McLamb, Executive Vice President, Chief Financial
Officer and Secretary of MarineMax, Inc. stated, “As we execute our
growth plans, as shown by our fiscal 2018 results with revenue
approaching $1.2 billion, we felt it was prudent to add additional
capacity for the future. We appreciate the confidence expressed by
the commitment of our lenders to MarineMax through their ongoing
support of our anticipated growth. This enhanced and increased
facility provides us with greater financial flexibility which
allows us to further capitalize on acquisitions and other growth
opportunities as they emerge.”
The agent of the facility is Wells Fargo Commercial Distribution
Finance and includes M&T Bank, Bank of the West and
BB&T.
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,
Mastercraft, Bennington, Scout, Sailfish, Scarab Jet Boats, Yamaha
Jet Boats, Tigé, Aquila, Nautique, and NauticStar, 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 63 retail locations in Alabama,
Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota,
Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma,
Rhode Island, South Carolina, 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 belief that the industry recovery will
continue for the foreseeable future; 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, 2017,
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: https://www.businesswire.com/news/home/20181101005014/en/
MarineMax, Inc.Michael H. McLambChief Financial OfficerAbbey
HeimensenPublic Relations727-531-1700orICR, Inc.Brad
Cohen203-682-8211bcohen@icrinc.com
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