MarineMax closes on new $280 million credit facility

By Sara Rosenberg

New York, Feb. 11 - MarineMax Inc. closed on a new $280 million three-year asset-based credit facility that contains two additional one-year renewal options. The lending group consists of Key Bank, Bank of America, Transamerica Commercial Finance Corp., General Electric Commercial Distribution Finance Corp. and National City Bank, which joined this existing syndicate to be part of the new deal.

The facility replaces the company's previous $240 million credit facility, which contained similar terms and conditions as the new facility.

"The strength of our balance sheet enabled the company to secure this new $280 million credit facility. The expansion and extension of our borrowing abilities is an important step in our growth strategy. It provides us greater financial capacity and flexibility, allowing us to focus on our core business and take advantage of new opportunities as they arise," said Michael H. McLamb, executive vice president and chief financial officer, in a company news release.

MarineMax is a Clearwater, Fla., recreational boat retailer.

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