MarineMax lifts financing facility to $300 million, extends to 2019

By Tali Rackner

Norfolk, Va., June 14 – MarineMax, Inc. expanded its financing facility with Wells Fargo Commercial Distribution Finance to provide for borrowings of up to $300 million, according to a press release.

This is an increase from the previous limit of $260 million.

The amended credit facility has a three-year term, expiring in October 2019, subject to two one-year extensions.

“This enhanced financial flexibility should allow us to capitalize on acquisitions and other growth opportunities as they emerge,” Michael H. McLamb, executive vice president, chief financial officer and secretary of MarineMax, said in the release.

Borrowings under the facility are secured primarily by MarineMax’s inventory that is financed through the facility and related accounts receivable.

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

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