MarineMax expands and extends its credit facility

CLEARWATER, Fla. - MarineMax, Inc., the nation's largest recreational boat retailer, today announced the expansion and extension of its credit facility, which will now allow for borrowings of up to $500 million, the company reported.

The asset based credit facility has a five-year term with two additional one-year renewal options. It replaces and increases its previous $385 million credit facility, which had a three-year term, MarineMax said in its press release.

The lending group consists of Bank of America, N.A., KeyBank, N.A., General Electric Commercial Distribution Finance Corporation, Wachovia Bank, N.A., Wells Fargo Bank, N.A., National City Bank, N.A., U.S. Bank, N.A., and Branch Banking and Trust Company. The terms and conditions of the facility are similar to the company's previous facility.

"The growth of MarineMax and the strength of our balance sheet enabled us to obtain this $500 million credit facility,” Michael H. McLamb, executive vice president and CFO said. “The expansion of the amount and the extension of the term of our credit facility is a natural progression in our strategy to support additional growth, thereby enabling us to focus on our core business while capturing new opportunities as they arise. With this facility, we also expanded our lending group from four institutions to eight, allowing for further future expansion. We appreciate the strong relationship we have with all our lenders."

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