MarineMax offering to raise some $20.5 million

MarineMax to offer 2.6 million shares, raising $20.5 million; lenders adjust line of credit

• On 5:29 pm EDT, Thursday September 10, 2009

CLEARWATER, Fla. (AP) -- Boatmaker MarineMax Inc. said on Thursday that it has begun a public offering of 2.6 million shares, which could raise some $20.5 million based on Thursday's closing price.

The underwriter is Raymond James & Associates, which has an option to buy up to another 390,000 shares.

MarineMax said it would use the money for general corporate purposes, possibly including debt reduction. It said its lenders have amended its revolving line of credit to give it more flexibility. The changes will also reduce the line of credit from $300 million now to $250 million by the end of this month, and $175 million by Sept. 30, 2010.

MarineMax shares rose 6 cents to close at $7.89 before the announcement, but fell 50 cents, or 6.3 percent, to $7.39 in after-hours trading.