CLEARWATER, Fla. - Boat retail chain MarineMax, Inc. (NYSE: HZO) has entered into a new credit facility with its existing lenders providing for increased borrowing limits and an extended term, the company reported in a recent statement.
The new line of credit facility provides for borrowings of $385 million, up from $340 million under its previous facility. The credit facility is asset based and has a three-year term with two additional one-year renewal options. The participating lenders, Bank of America, N.A., Key Bank, N.A., General Electric Commercial Distribution Finance Corporation, and National City Bank, N.A., are the same as the lenders in the previous facility. The terms and conditions of the facility are similar to the company's previous facility.
"The strength of our business and balance sheet enabled us to secure this new $385 million credit facility,” said Michael H. McLamb, executive vice president and chief financial officer. “The expansion and extension of our borrowing abilities is an important component of our continued growth strategy. This facility provides us with greater financial capacity and flexibility, allowing us to focus on our core business and take advantage of new opportunities as they arise."
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