CLEARWATER, Fla. – MarineMax, the nation's largest recreational boat retailer, today issued a press release to announce the expansion and extension of a $280 million credit facility.
The $280 million asset-based credit facility has a three-year term with two additional one-year renewal options. It replaces and increases its previous $240 million credit facility by adding an additional lender, National City Bank, N.A. to the current lending group of Key Bank, N.A., Bank of America, N.A., Transamerica Commercial Finance Corporation, and General Electric Commercial Distribution Finance Corporation, the release said.
The terms and conditions of the facility are said to be similar to the company's previous facility.
"The strength of our balance sheet enabled the company to secure this new $280 million credit facility," MarineMax CFO and executive vice president Michael H. McLamb, said. "The expansion and extension of our borrowing abilities is an important step in our growth strategy. It provides us greater financial capacity and flexibility, allowing us to focus on our core business and take advantage of new opportunities as they arise."
Headquartered in Clearwater, Fla., MarineMax currently operates 66 retail locations in Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Minnesota, Nevada, New Jersey, North Carolina, Ohio, South Carolina, Texas and Utah.
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