CLEARWATER, Fla. – MarineMax Inc. secured a deal with its CGI Finance credit facility for the facility to provide up to $30 million for floor plan financing to fulfill MarineMax’s Azimut inventory needs. The financing facility secured today with CGI is in addition to $150 million the company secured with GE.
The facility includes renewal options with each advance under the facility able to remain outstanding for 18 months. Renewal of the facility is subject to approval by CGI, and MarineMax must maintain compliance with covenants including covenants of current and leverage ratios, as defined by the facility. MarineMax pledged its new and used Azimut inventory financed by the facility as collateral.
“We are pleased to be able to continue our relationship with CGI through this inventory financing facility for our Azimut products. The terms of the facility provided by CGI match well with our needs and allow us to operate our business with the flexibility necessary in this environment,” Michael H. McLamb, CFO, Executive Vice President and Secretary of MarineMax, said in a statement.
CGI Finance was founded in 1951 and is a subsidiary of Société Générale, a world corporate and investment bank.