MarineMax, Inc. announced today that it has expanded its financing facility to provide for borrowings of up to $400 million from its previous limit of $350 million.
The expanded facility has a three-year term, expiring in October 2021, and it has two, one-year options to renew, subject to lender approval, the company reported.
Borrowings under the facility are secured primarily by the company’s inventory that is financed through the facility and related accounts receivable. The company’s real estate is not pledged.
The facility contemplates that other lenders may be added by the company to finance other inventory not financed under this facility.
“As we execute our growth plans, as shown by our fiscal 2018 results with revenue approaching $1.2 billion, we felt it was prudent to add additional capacity for the future,” said Michael H. McLamb, executive vice president, chief financial officer, and secretary of MarineMax, Inc. “We appreciate the confidence expressed by the commitment of our lenders to MarineMax through their ongoing support of our anticipated growth. This enhanced and increased facility provides us with greater financial flexibility which allows us to further capitalize on acquisitions and other growth opportunities as they emerge.”
The agent of the facility is Wells Fargo Commercial Distribution Finance and includes M&T Bank, Bank of the West, and BB&T.