CLEARWATER, Fla.--(BUSINESS WIRE)--Jul. 9, 2012--
MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat
retailer, announced today that it has extended the terms of its CGI
Finance (CGI) credit facility.
The credit facility provides for up to $30 million of floor plan
financing, in addition to the $150 million inventory financing facility
the Company has with GE. The CGI facility is designed to provide
financing for MarineMax’s Azimut inventory needs. The facility includes
renewal options, subject to CGI’s approval, and each advance under the
facility can remain outstanding for 18 months.
The Company’s new and used Azimut inventory that is financed by the
facility is pledged as collateral. The Company must maintain compliance
with various covenants, including balance sheet related covenants of
current and leverage ratios, as defined in the facility. The facility
contemplates that other lenders may be added by the Company to finance
inventory not financed under this facility, if needed.
Michael H. McLamb, Executive Vice President, Chief Financial Officer and
Secretary of MarineMax stated, “Our relationship with CGI has gained
strength over the last few years. We are pleased to have CGI as both a
retail lender for our customers and a floor plan partner for our
inventory.”
Herve Bonnet, Global Head of Boat Financing Activity for CGI Group
stated, “As a company that continues its long-standing commitment to
provide sound and diverse marine financial solutions, CGI Finance is
proud to maintain this important partnership with MarineMax, a strong
leader in our industry.”
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nation’s largest
recreational boat and yacht retailer. Focused on premium brands, such as
Sea Ray, Boston Whaler, Meridian, Cabo, Hatteras, Azimut Yachts,
Grady-White, Bayliner, Harris FloteBote, Nautique and Malibu, MarineMax
sells new and used recreational boats and related marine products and
provides yacht brokerage and charter services. MarineMax currently has
53 retail locations in Alabama, Arizona, California, Connecticut,
Florida, Georgia, Kansas, Maryland, Minnesota, Missouri, New Jersey, New
York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas
and operates MarineMax Vacations in Tortola, British Virgin Islands.
MarineMax is a New York Stock Exchange-listed company.
About CGI Finance
CGI Finance is the North American Subsidiary of the CGI Group, a
financial establishment founded in 1951, and is a wholly-owned
subsidiary of Société Générale. Société Générale is a leading worldwide
bank with 157,000 employees. The North American headquarters is located
at 1407 Fleet Street, 2nd Floor Baltimore Maryland 21231 USA. www.cgi-finance.com.
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include the Company’s assessment that its
relationship with CGI has gained strength. These statements involve
certain risks and uncertainties that may cause actual results to differ
materially from expectations as of the date of this release. These risks
include the ability of the Company’s to achieve it’s goals and
strategies, general economic conditions and the level of consumer
spending, the Company’s ability to integrate acquisitions into existing
operations and numerous other factors identified in the Company’s Form
10-K and other filings with the Securities and Exchange Commission.
Source: MarineMax, Inc.
MarineMax, Inc.
Chief Financial Officer
Michael H. McLamb,
727-531-1700