~ Increases Borrowing Facility to $350 Million and Enhances Terms ~
CLEARWATER, Fla.--(BUSINESS WIRE)--
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 $350
million from the previous limit of $300 million.
The expanded facility has a three-year term, expiring in October 2020
and 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
contemplates that other lenders may be added by the Company to finance
inventory not financed under this facility.
Michael H. McLamb, Executive Vice President, Chief Financial Officer and
Secretary of MarineMax, Inc. stated, “We are in our third year of
twenty-percent or greater same-store sales growth and trends in the
industry remain healthy. With our outlook, it is advantageous to
increase our borrowing capacity in anticipation of future growth. We
appreciate the confidence expressed by the commitment of our lenders to
MarineMax by continuing to support our growth. We believe this enhanced
and increased facility provides us with greater financial flexibility
that should allow us to further capitalize on potential 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.
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, Bennington, Crest, Scout,
Sailfish, Sea Pro, Sportsman, Scarab Jet Boats, Yamaha 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 62 retail
locations in Alabama, California, Connecticut, Florida, Georgia,
Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York,
North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina 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; trends in the
industry; the Company’s anticipated future growth; 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, as well as those within our industry, 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, 2016, 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.
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Source: MarineMax, Inc.