MarineMax Expands Financial Flexibility For Continued Growth
13 Julho 2023 - 9:00AM
Business Wire
MarineMax, Inc. (NYSE: HZO) (“MarineMax” or the “Company”), the
world’s largest recreational boat, yacht, and superyacht services
company, today announced the expansion of its floor plan facility
from $750 million to $950 million, further increasing the Company’s
liquidity and financial flexibility for the future.
“The expansion of our floor plan facility, as provided by the
accordion feature of our credit facilities, underscores the success
of our growth strategy and the strength of our balance sheet,” said
Michael H. McLamb, Executive Vice President, Chief Financial
Officer and Secretary of MarineMax. “This increase is consistent
with our historical practice of augmenting floor plan capacity as
needed for growth. We appreciate the ongoing support and confidence
of our bank group partners as we execute on our initiatives and
deliver on our mission to provide customers with the world’s best
pleasure boating experience.”
The amended facility will be used to finance the purchase of new
and used boat and yacht inventory. Other than the increased
capacity of the floor plan facility, all other terms of the
Company’s senior secured credit facilities (the “Credit
Facilities”) remain unchanged, including the maturity date of
August 2027.
The floor plan financing, which increases the Credit Facilities
from $1.35 billion to $1.55 billion, was led by M&T Bank as
Administrative Agent and Joint-Lead Arranger, along with Wells
Fargo Commercial Distribution Finance as Joint-Lead Arranger and
Floor Plan Agent.
About MarineMax
As the world’s largest lifestyle retailer of recreational boats
and yachts, as well as yacht concierge and superyacht services,
MarineMax (NYSE: HZO) is United by Water. We have more than 125
locations worldwide, including 78 dealerships and 59 marinas. Our
integrated business includes IGY Marinas, which operates luxury
marinas in yachting and sport fishing destinations around the
world; Fraser Yachts Group and Northrop & Johnson, leading
superyacht brokerage and luxury yacht services companies; Cruisers
Yachts, one of the world’s premier manufacturers of premium sport
yachts and motor yachts; and Intrepid Powerboats, a premier
manufacturer of powerboats. To enhance and simplify the customer
experience, we provide financing and insurance services as well as
leading digital technology products that connect boaters to a
network of preferred marinas, dealers, and marine professionals
through Boatyard and Boatzon. In addition, we operate MarineMax
Vacations in Tortola, British Virgin Islands, which offers our
charter vacation guests the luxury boating adventures of a
lifetime. Land comprises 29% of the earth’s surface. We’re focused
on the other 71%. Learn more at www.marinemax.com.
Forward-Looking Statement
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 our growth initiatives, our
mission to provide customers with the world’s best pleasure boating
experience, and the use of the amended facility to finance the
purchase of new and used boat and yacht inventory. These statements
are based on current expectations, forecasts, risks, uncertainties,
and assumptions that may cause actual results to differ materially
from expectations as of the date of this release. These risks,
assumptions, and uncertainties include the Company’s abilities to
reduce inventory, manage expenses and accomplish its goals and
strategies, the quality of the new product offerings from the
Company’s manufacturing partners, the performance and integration
of the recently-acquired businesses, general economic conditions,
as well as those within the Company's industry, the liquidity and
strength of our bank group partners, the level of consumer
spending, and numerous other factors identified in the Company’s
Form 10-K for the fiscal year ended September 30, 2022 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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version on businesswire.com: https://www.businesswire.com/news/home/20230712182785/en/
Investors: Mike McLamb Chief Financial Officer MarineMax, Inc.
727-531-1700 Scott Solomon or Laura Resag Sharon Merrill
Associates, Inc. investors@marinemax.com 617-542-5300
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