MarineMax continues growth with increased floor plan
MarineMax, Inc. announced the expansion of its floor plan facility from $750 million to $950 million, further increasing the company’s liquidity and financial flexibility for the future.
“The expansion of our floor plan facility, as provided by the accordion feature of our credit facilities, underscores the success of our growth strategy and the strength of our balance sheet,” said Michael H. McLamb, Executive Vice President, Chief Financial Officer and Secretary of MarineMax. “This increase is consistent with our historical practice of augmenting floor plan capacity as needed for growth. We appreciate the ongoing support and confidence of our bank group partners as we execute on our initiatives and deliver on our mission to provide customers with the world’s best pleasure boating experience.”
The amended facility will be used to finance the purchase of new and used boat and yacht inventory. Other than the increased capacity of the floor plan facility, all other terms of the Company’s senior secured credit facilities remain unchanged, including the maturity date of August 2027. The floor plan financing, which increases the Credit Facilities from $1.35 billion to $1.55 billion, was led by M&T Bank as Administrative Agent and Joint-Lead Arranger, along with Wells Fargo Commercial Distribution Finance as Joint-Lead Arranger and Floor Plan Agent.
