MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat retailer, announced today that it has extended the terms of its CGI Finance (CGI) credit facility.
The credit facility provides for up to $30 million of floor plan financing, in addition to the $150 million inventory financing facility the Company has with GE. The CGI facility is designed to provide financing for MarineMax’s Azimut inventory needs. The facility includes renewal options, subject to CGI’s approval, and each advance under the facility can remain outstanding for 18 months.
The Company’s new and used Azimut inventory that is financed by the facility is pledged as collateral. The Company must maintain compliance with various covenants, including balance sheet related covenants of current and leverage ratios, as defined in the facility. The facility contemplates that other lenders may be added by the Company to finance inventory not financed under this facility, if needed.
Michael H. McLamb, Executive Vice President, Chief Financial Officer and Secretary of MarineMax stated, “Our relationship with CGI has gained strength over the last few years. We are pleased to have CGI as both a retail lender for our customers and a floor plan partner for our inventory.”Herve Bonnet, Global Head of Boat Financing Activity for CGI Group stated, “As a company that continues its long-standing commitment to provide sound and diverse marine financial solutions, CGI Finance is proud to maintain this important partnership with MarineMax, a strong leader in our industry.” 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, Grady-White, Bayliner, Harris FloteBote, Nautique and Malibu, MarineMax sells new and used recreational boats and related marine products and provides yacht brokerage and charter services. MarineMax currently has 53 retail locations in Alabama, Arizona, California, Connecticut, Florida, Georgia, Kansas, Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas and operates MarineMax Vacations in Tortola, British Virgin Islands. MarineMax is a New York Stock Exchange-listed company.