CLEARWATER, Fla. – MarineMax, Inc. completed an amendment of its second amended and restated credit and security agreement on Dec. 15, 2008, the company said in a release this week.
The amendment modified the amount of borrowing availability, financial covenants, inventory advance rates, and the collateral that secures the borrowings. The amended facility provides a line of credit with asset-based borrowing availability of up to $425 million, stepping down to $350 million by Sept. 30, 2009 and $300 million by May 31, 2010. MarineMax reported.
The amendment also provides that the company may obtain commitments from existing or additional lenders to increase the capacity of the credit facility up to $500 million, upon lender approval, and enables the company to obtain advances of up to $20 million against certain of its owned real estate.
"The amendment to our credit facility provides us with additional flexibility to operate our business through these difficult market conditions,” Michael H. McLamb, Executive Vice President, Chief Financial Officer and Secretary of MarineMax said. “We remain focused on streamlining our cost structure, managing our inventory and providing exceptional service to our customers, which will best position MarineMax as conditions improve."
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