~ Increases Borrowing Facility to $260 Million ~
CLEARWATER, Fla.--(BUSINESS WIRE)--Nov. 5, 2015--
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 $260 million from the previous limit of
$235 million.
The expanded facility has a three-year term, expiring in October 2018,
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 agent of the
facility is GE Capital Commercial Distribution Finance and 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, “As we continue to drive solid
revenue and earnings growth, we believe it is prudent to add to our
borrowing capacity in anticipation of continued industry growth and
expected strong demand for new models from our manufacturing partners.
This enhanced financial flexibility will allow us to capitalize on other
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, Hatteras, Azimut Yachts, Ocean
Alexander, Grady-White, Harris, Crest, Scout, Sailfish, Scarab Jet
Boats, Aquila, and Nautique. 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 53 retail
locations in Alabama, California, Connecticut, Florida, Georgia,
Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina,
Ohio, Oklahoma, Rhode Island, 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
anticipation of continued industry growth and expected strong demand for
new models from the Company's manufacturing partners; and the Company’s
belief that the enhanced financial flexibility provided by the increase
in capacity should allow the Company to capitalize on growth
opportunities as they emerge. 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 for the fiscal year ended September 30, 2014,
subsequent Reports on Form 8-K and 10-Q and other filings with the
Securities and Exchange Commission. The Company disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151105005013/en/
Source: MarineMax, Inc.
MarineMax, Inc.
Michael H. McLamb
Chief Financial Officer
Abbey
Heimensen
Public Relations
727-531-1700
or
ICR, Inc.
Brad
Cohen, 203-682-8211
bcohen@icrinc.com