~ Increases Borrowing Facility to $300 Million ~
CLEARWATER, Fla.--(BUSINESS WIRE)--Jun. 14, 2016--
MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat and
yacht retailer, announced today that it has expanded its financing
facility to, among other things, provide for borrowings of up to $300
million from the previous limit of $260 million.
The expanded facility has a three-year term, expiring in October 2019
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 Wells Fargo Commercial Distribution Finance (formerly 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 produce solid
year-over-year growth, it is prudent to increase our borrowing capacity
in anticipation of future industry improvement and anticipated strong
demand for new models from our manufacturing partners. Our lenders
understand the industry and improvements to our financing facility are
reflective of our strong results, allowing for more financial
flexibility. This enhanced financial flexibility should allow us to
capitalize on acquisitions and 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, Galeon, Grady-White, Harris, Crest, Scout, Sailfish, Sea Pro,
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
56 retail locations in Alabama, California, Connecticut, Florida,
Georgia, Maryland, Massachusetts, 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 future industry improvement and anticipated 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
acquisitions and 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, 2015, 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/20160614005122/en/
Source: MarineMax, Inc.
MarineMax, Inc.
Michael H. McLamb, 727-531-1700
Chief
Financial Officer
or
Abbey Heimensen, 727-531-1700
Public
Relations
or
ICR, Inc.
Brad Cohen, 203-682-8211
bcohen@icrinc.com