MarineMax offers common stock, amends credit facility

CLEARWATER, Fla. — MarineMax Inc. has commenced a public offering of 2,600,000 shares of its common stock at a price of $7 per share for total gross proceeds of $18,200,000 million, according to a release from the company.

The company said net proceeds of the offering will be used for general corporate purposes, which may include debt reduction.

Raymond James & Associates Inc. will serve as the sole underwriter for the offering. The underwriter also will have the option to purchase up to an additional 390,000 shares of common stock from MarineMax at the public offering price, less underwriting discounts and commissions, within 30 days.

As part of this offering, MarineMax said it requested additional flexibility to its debt covenants, since this offering also benefits its lenders. The company’s lending group agreed to amend MarineMax’s revolving credit facility to modify the size of the facility and financial covenants upon completion of the offering.

The amended facility will provide a line of credit with asset-based borrowing availability up to $300 million, stepping down to $250 million by Sept. 30, 2009, and $175 million by Sept. 30, 2010, with interim decreases between such dates. Each interim step down will be reduced by the net proceeds of this offering but will never be reduced to below $175 million. Additionally, the amendment will modify the definition of EBITDA to include 50 percent of the net proceeds of this offering as additional flexibility to the earnings covenant for fiscal 2010.

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