~ Increases Its Borrowing Facility to $235 Million ~
CLEARWATER, Fla.--(BUSINESS WIRE)--Sep. 3, 2014--
MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat
retailer, announced today that it has expanded its financing facility to
provide for borrowings of up to $235 million.
The expanded facility has a three-year term, expiring in August 2017,
and it has two, one-year options to renew, subject to lender approval.
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 is
led by GE Capital Commercial Distribution Finance and also includes M&T
Bank and Bank of the West. The facility contemplates that other lenders
may be added by the Company to finance other inventory not financed
under this facility, if needed.
Michael H. McLamb, Executive Vice President, Chief Financial Officer and
Secretary of MarineMax, Inc. stated, “We are adding borrowing capacity
as a prudent measure in anticipation for the continued recovery of our
industry and expected strong demand for new models from certain key
manufacturers. The increased financial flexibility and liquidity will
allow us to capitalize on additional growth opportunities as they
emerge.”
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, Harris FloteBote, Crest, Scout, Sailfish, Scarab Jet Boats,
Aquila, Ocean Alexander, Nautique and Malibu, MarineMax sells new and
used recreational boats and related marine products and services as well
as provides yacht brokerage and charter services. MarineMax currently
has 55 retail locations in Alabama, Arizona, California, Connecticut,
Florida, Georgia, Maryland, Massachusetts, 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. For more information, please visit www.marinemax.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 facility's term and options to
renew; the potential addition of lenders to the facility; the Company’s
belief that the marine industry is recovering and such recovery will
continue; the Company’s belief that new models from certain
manufacturers will be in demand; the Company’s belief that facility will
provide increased financial flexibility and liquidity; and the Company’s
belief that growth opportunities will emerge, and that the increased
financial flexibility and liquidity will allow the Company to capitalize
on these opportunities. 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
Company’s ability to manage inventory and expenses and accomplish its
goals and strategies, the quality of the new product offerings from the
Company's manufacturing partners, general economic conditions and the
level of consumer spending, the Company’s ability to integrate
acquisitions into existing operations, the lenders' ability to provide
the agreed upon financing and numerous other factors identified in the
Company’s Form 10-K, subsequent Reports on Form 8-K and 10-Q and other
filings with the Securities and Exchange Commission.
Source: MarineMax, Inc.
MarineMax, Inc.
Michael H. McLamb
Chief Financial Officer
or
Abbey
Heimensen
Public Relations
727-531-1700
or
ICR, Inc.
Brad
Cohen, 203-682-8211
bcohen@icrinc.com