Malibu Boats increases credit facility by $35 million, extends maturity

Chicago, May 15 – Malibu Boats, Inc. entered into its second amendment on Tuesday to its existing second amended and restated credit agreement dated June 28, 2017 with SunTrust Bank as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increased the revolver by $35 million and extended the maturity by two years to July 1, 2024.

It also converted $35 million of the outstanding principal amount under the term loan to borrowings under the revolver.

Malibu Boats now has $75 million outstanding under the term loan and a $120 million revolver with $55 million outstanding and $800,000 of outstanding letters of credit with $64.2 million available for borrowing.

The amendment also improved the applicable margin by 50 basis points to a range of Libor plus 125 bps to 225 bps.

Also, the commitment fee for the unused portion of the revolver was reduced to 20 bps from 40 bps.

The basket of permitted share repurchases was increased to $35 million from $20 million in any fiscal year, subject to one-year carry forward. Additionally, the basket of permitted dividends and distributions was increased to $10 million from $6 million.

Malibu Boats is a Loudon, Tenn., designer, manufacturer and marketer of performance sport boats.

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