MarineMax amends $440 million credit facility, extends to May 2023

By Sarah Lizee

Olympia, Wash., May 21 – MarineMax, Inc. amended its $440 million credit facility, extending it to May 2023, according to a press release.

The company reported $90 million of liquidity at March 31, and, as a result of the amendment and improved cash from operations, has in excess of $140 million today.

The facility 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.

Under the amendment, some provisions of the credit facility were modified, providing additional liquidity to the company. The company’s unleveraged real estate portfolio is not pledged under the facility and is excluded from the liquidity calculation.

The agent of the facility is Wells Fargo Commercial Distribution Finance and includes lending partners M&T Bank, Bank of the West and Truist Bank.

Based in Clearwater, Fla., MarineMax is a recreational boat and yacht retailer.

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