National City joins MarineMax consortium of lenders
CLEVELAND, Ohio – MarineMax, Inc. has named National City Recreation Finance as one of the preferred banks in its financing consortium, the company reported in a statement today.
Under the terms of the agreement, National City will contribute $40 million to the $280 million MarineMax credit facilities and will join Key Bank, Bank of America and GE in providing up to $260 million in bank syndicated financing to the retailer.
“MarineMax’s strong cash flow and balance sheet create a very attractive credit profile,” said Alan Zang, National City’s senior vice president and national sales manager. “However, the real hook for us was their approach to the marketplace. Their business philosophy dovetails with National City’s brand promise to ‘do what’s right for the customer.’ We are confident that this management team will continue to create both shareholder value and a legion of satisfied MarineMax customers.”
“This facility provides us greater capacity and flexibility by allowing us to focus on our core business and take advantage of new opportunities as they arise,” said Michael H. McLamb, executive vice president and chief financial officer of MarineMax. “National City is a veteran in marine financing and their nationwide capabilities made them a natural fit for our group of top tier lenders. We look forward to a long and productive relationship.”
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