MarineMax Expands Financial Capacity
July 13 2021 - 8:00AM
Business Wire
~Amends Credit Facility, Adds Liquidity and
Extends Term~
~Prepares for Future Growth~
MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational
boat and yacht retailer, announced today that it increased the
amount, and extended the term, of its credit facility. The facility
now provides MarineMax with $500 million of borrowing capacity,
further increasing the Company’s liquidity and financial
flexibility for future growth.
The enhanced credit facility has a three-year term expiring in
July 2024, and 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.
Under the amendment, certain provisions of the credit facility were
modified, providing additional liquidity to the Company. The
Company’s sizeable real estate portfolio is not pledged under the
facility.
At June 30, 2021, the Company had financial capacity of over
$329 million, consisting of cash and cash equivalents, along with
available borrowings under its credit facilities.
Michael H. McLamb, Executive Vice President, Chief Financial
Officer and Secretary of MarineMax, Inc. stated, “Through both
organic and acquisition related growth, we have significantly
increased the size of MarineMax. This amendment and extension of
the term of our credit facility is an important step as we look
ahead and plan for the future. The lenders in our facility have
been long-term partners to MarineMax and we appreciate their
confidence in our strategies and management. Product demand
continues to be strong, which is a testimony to the strength of the
boating lifestyle.”
The agent of the facility is Wells Fargo Commercial Distribution
Finance and includes the following lending partners: M&T Bank,
Bank of the West and Truist Bank.
About MarineMax
MarineMax is the world’s largest recreational boat and yacht
retailer, selling new and used recreational boats, yachts and
related marine products and services, as well as providing yacht
brokerage and charter services. MarineMax has over 100 locations
worldwide, including 78 retail dealership locations, which includes
31 marinas or storage operations. Through Fraser Yachts and
Northrop and Johnson, the Company also is the largest super-yacht
services provider, operating locations across the globe. Cruisers
Yachts, a MarineMax company, manufacturers boats and yachts with
sales through our select retail dealership locations and through
independent dealers. MarineMax provides finance and insurance
services through wholly owned subsidiaries and operates MarineMax
Vacations in Tortola, British Virgin Islands. The Company also
operates Boatyard, a pioneering digital platform that enhances the
boating experience. MarineMax is a New York Stock Exchange-listed
company (NYSE:HZO). For more information, please visit
www.marinemax.com.
Forward Looking Statement
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 Company's potential
growth and the strength of product demand. These statements are
based on current expectations, forecasts, risks, uncertainties and
assumptions that may cause actual results to differ materially from
expectations as of the date of this release. These risks,
assumptions and uncertainties include the Company’s abilities to
reduce inventory, manage expenses and accomplish its goals and
strategies, the quality of the new product offerings from the
Company’s manufacturing partners, the impacts (direct and indirect)
of COVID-19 on the Company’s business, the Company’s employees, the
Company’s manufacturing partners, and the overall economy, general
economic conditions, as well as those within our industry, the
level of consumer spending, the Company’s ability to integrate
acquisitions into existing operations, and numerous other factors
identified in the Company’s Form 10-K for the fiscal year ended
September 30, 2020 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/20210713005386/en/
Michael H. McLamb Chief Financial Officer
Media: Abbey Heimensen Public Relations MarineMax, Inc.
727-531-1700
Investors: Brad Cohen ICR, LLC 203-682-8211
bcohen@icrinc.com Dawn Francfort 646-677-1859
Dawn.Francfort@icrinc.com
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