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GE Capital CDF Leads Expansion of MarineMax Facility to $205MM

July 08, 2013, 07:37 AM
Filed Under: Retail

MarineMax, Inc., the nation’s largest recreational boat retailer, announced today that it has expanded its primary financing facility to provide for borrowings of up to $205 million.

The expanded facility has a three-year term, expiring in June 2016, 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. Prior to the expansion, this facility was solely provided by GE Capital and allowed for $150 million in borrowing capacity.

Michael H. McLamb, EVP and CFO of MarineMax stated, “Despite reported weather challenges that have persisted throughout the country, we believe the marine industry is in a long-term cycle of growth. Accordingly, we have extended and added to our financing capacity. The new facility provides for the anticipated growth in our business and borrowing needs. The facility provides the Company with increased liquidity, allowing it to more easily capitalize on growth opportunities as they emerge.”

Headquartered in Clearwater, FL, 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, Crest, Scout, Sailfish, Aquila, 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.

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