MarineMax Announces Common Stock Offering and Agreement to Amend Credit Facility

• Press Release
• Source: MarineMax, Inc.
• On 4:40 pm EDT, Thursday September 10, 2009

CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE:HZO - News) announced today that it has commenced a public offering of 2,600,000 shares of its common stock pursuant to MarineMax’s effective shelf registration statement filed with the U.S. Securities and Exchange Commission (“SEC”). Raymond James & Associates, Inc. will serve as the sole underwriter for this offering. The underwriter also will have the option to purchase up to an additional 390,000 shares of common stock from MarineMax at the public offering price, less underwriting discounts and commissions, within 30 days. The net proceeds of the offering will be used for general corporate purposes, which may include debt reduction.

Related Quotes

Symbol	Price	Change
HZO	7.26	+0.05

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As part of this offering, MarineMax requested from the lenders under its revolving credit facility additional flexibility to its debt covenants, since this offering also benefits its lenders. MarineMax’s lending group has agreed to amend MarineMax’s revolving credit facility to modify the size of the facility and financial covenants upon the completion of this offering. The amended facility will provide a line of credit with asset-based borrowing availability up to $300 million, stepping down to $250 million by September 30, 2009 and $175 million by September 30, 2010, with interim decreases between such dates. Each interim step down will be reduced by the net proceeds of this offering but will never be reduced to below $175 million. Additionally, the amendment will modify the definition of EBITDA to include 50% of the net proceeds of this offering as additional flexibility to the earnings covenant for fiscal 2010.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A registration statement relating to these securities has been filed with the SEC and is effective, and a prospectus supplement relating to the offering will be filed with the SEC. You may obtain these documents for free by visiting EDGAR on the SEC’s website, at www.sec.gov. Alternatively, a copy of the prospectus supplement and accompanying prospectus may be obtained from Raymond James & Associates, Inc. at 880 Carillon Parkway, St. Petersburg, Florida 33716 or by telephone at 1-800-248-8863.

About MarineMax

Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Cabo, Hatteras, Azimut Yachts and Grady White, MarineMax sells new and used recreational boats and related marine products and provides yacht brokerage services. MarineMax currently operates 65 retail locations in Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Maryland, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas and Utah. MarineMax is a New York Stock Exchange-listed company.

MarineMax, Inc.
Michael H. McLamb, Chief Financial Officer
727-531-1700
or
ICR, LLC
Brad Cohen, 203-682-8211
bcohen@icrinc.com