MarineMax Expands Financial Flexibility For Continued Growth
CLEARWATER, Fla., July 13, 2023--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO) ("MarineMax" or the "Company"), the world’s largest recreational boat, yacht, and superyacht services company, today 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 (the "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.
About MarineMax
As the world’s largest lifestyle retailer of recreational boats and yachts, as well as yacht concierge and superyacht services, MarineMax (NYSE: HZO) is United by Water. We have more than 125 locations worldwide, including 78 dealerships and 59 marinas. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts and motor yachts; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth’s surface. We’re focused on the other 71%. Learn more at www.marinemax.com.
Forward-Looking Statement
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include our growth initiatives, our mission to provide customers with the world’s best pleasure boating experience, and the use of the amended facility to finance the purchase of new and used boat and yacht inventory. These statements are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance and integration of the recently-acquired businesses, general economic conditions, as well as those within the Company's industry, the liquidity and strength of our bank group partners, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2022 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Contacts
Investors:
Mike McLamb
Chief Financial Officer
MarineMax, Inc.
727-531-1700
Scott Solomon or Laura Resag
Sharon Merrill Associates, Inc.
investors@marinemax.com
617-542-5300
