MarineMax lifts financing facility to $400 million, extends to 2021

By Wendy Van Sickle

Columbus, Ohio, Nov. 1 – MarineMax, Inc. amended and restated its inventory financing facility with Wells Fargo Commercial Distribution Finance on Oct. 26 for expanded borrowings of up to $400 million, according to an 8-K filing with the Securities and Exchange Commission.

This is an increase from the previous limit of $350 million.

The amended credit facility expires on Oct. 30, 2021 and has two one-year extension options.

“As we execute our growth plans, as shown by our fiscal 2018 results with revenue approaching $1.2 billion, we felt it was prudent to add additional capacity for the future,” Michael H. McLamb, executive vice president, chief financial officer and secretary of MarineMax, said in a press 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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