MarineMax secures $100 million financing facility
CLEARWATER, Fla. — MarineMax, Inc., the nation’s largest recreational boat retailer, reported today that it has secured a new $100 million financing facility with GE Capital, replacing its previous financing facility.
In a release, the company said the new facility provides for up to $100 million of floorplan financing, which may be increased to $150 million if approved by the lender. The facility has a three-year term, but also includes two one-year options to renew subject to lender approval.
Interest under the facility accrues at a rate which is below the interest rate charged under the previous facility. The company said its inventory will be collateral for the loan.
“We are pleased to replace our previous financing facility under favorable terms, which we believe will best serve our needs and will allow us to operate our business with more financial flexibility than before,” Michael H. McLamb, chief financial officer of MarineMax, said in the release. “Removing the real estate as a pledged asset further provides flexibility to the company in the future, if needed. This new facility is the only debt we have outstanding.”
The company’s shares rose 6 cents to $7.40 in morning trading.
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