OneWater Marine Inc. Completes Floorplan Financing Expansion
January 04 2022 - 7:00AM
OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”)
today announced it has entered into the Seventh Amended and
Restated Inventory Financing Facility (“The Facility”) with Wells
Fargo Commercial Distribution Finance LLC, to increase the
inventory-based line of credit to $500 million, up from $392.5
million, and extend the term through December 1, 2023.
“OneWater has been scaling at an exhilarating
pace resulting from continued levels of consumer demand and our
ability to capitalize on the robust M&A market across the
marine industry. The expansion of our financing flexibility enables
us to continue executing on our growth strategy, advance our
leadership position in the industry and return value to our
shareholders,” said Austin Singleton, Chief Executive Officer for
OneWater.
The Facility is expected to provide sufficient
inventory financing capacity for the next two years. Borrowings
under the Facility bear interest at the Adjusted 30-Day Average
SOFR plus a spread based on type and inventory aging. The Facility
also includes certain financial and non-financial covenants,
consistent with the previous facility, including provisions that
the funded debt to EBITDA ratio must not exceed 2.00 to 1.00, and
that the Company’s fixed charge coverage ratio on a consolidated
basis must be at least 1.00 to 1.50.
About OneWater Marine Inc.
OneWater Marine Inc. is one of the largest and fastest-growing
premium recreational boat retailers in the United States. OneWater
operates 71 stores throughout 11 different states, eight of which
are in the top twenty states for marine retail expenditures.
OneWater offers a broad range of products and services and has
diversified revenue streams, which include the sale of new and
pre-owned boats, parts and accessories, finance and insurance
products, maintenance and repair services and ancillary services
such as boat storage.
Investor or Media Contact:Jack
EzzellChief Financial OfficerIR@OneWaterMarine.com
Cautionary Statement Concerning
Forward-Looking Statements
This press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including regarding our strategy, future
operations, financial position, prospects, plans and objectives of
management, growth rate and its expectations regarding future
revenue, operating income or loss or earnings or loss per share. In
some cases, you can identify forward-looking statements because
they contain words such as “may,” “will,” “will be,” “will
likely result,” “should,” “expects,” “plans,” “anticipates,”
“could,” “would,” “foresees,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential,”
“outlook” or “continue” or the negative of these words or other
similar terms or expressions that concern our expectations,
strategy, plans or intentions. These forward-looking statements are
not guarantees of future performance, but are based on management's
current expectations, assumptions and beliefs concerning future
developments and their potential effect on us, which are inherently
subject to uncertainties, risks and changes in circumstances that
are difficult to predict. Our expectations expressed or implied in
these forward-looking statements may not turn out to be
correct.
Important factors, some of which are beyond our
control, that could cause actual results to differ materially from
our historical results or those expressed or implied by these
forward-looking statements include the following: effects of
industry wide supply chain challenges and our ability to maintain
adequate inventory, changes in demand for our products and
services, the seasonality and volatility of the boat industry, our
acquisition and business strategies, the inability to comply with
the financial and other covenants and metrics in our credit
facilities, cash flow and access to capital, effects of the
COVID-19 pandemic and related governmental actions or restrictions
on the Company’s business, risks related to the ability to realize
the anticipated benefits of any proposed or recent acquisitions
within the anticipated timeframe or at all, including the risk that
proposed or recent acquisitions will not be integrated
successfully, the timing of development expenditures, and other
risks. More information on these risks and other potential factors
that could affect our financial results is included in our filings
with the Securities and Exchange Commission, including in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of our Annual Report
on Form 10-K for the fiscal year ended September 30, 2021, which is
on file with the SEC and available from OneWater Marine’s website
at www.onewatermarine.com under the “Investors” tab, and in other
documents OneWater Marine files with the SEC. Any forward-looking
statement speaks only as of the date as of which such statement is
made, and, except as required by law, we undertake no obligation to
update or revise publicly any forward-looking statements, whether
because of new information, future events, or otherwise.
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