MarineMax has refinanced $1.49 billion of its credit facilities, extending its debt for a further five years.
The new credit facilities consist of $950 million floor plan line of credit, $302.5 million term loan, $150 million revolving credit facility, increasing its previous $100 million facility and an $85 million delayed draw mortgage facility.
The new credit facilities will extend MarineMax’s debt maturity profile by five years.
“This refinancing strengthens our financial position by lowering our borrowing costs, extending our maturity and providing additional liquidity to support the continued execution of our long-term strategy,” explained Michael McLamb, executive vice president, chief financial officer and secretary of MarineMax.
“Successfully completing this transaction on improved terms in today’s marine industry environment underscores the strength of our lender relationships and reflects the confidence they have in our operating performance, disciplined capital allocation, healthy balance sheet and management team.”
MarineMax is a recreational boat and yacht retailer, marina operator and superyacht services company operating from more than 120 locations across the globe, including over 70 dealerships and 65 marina and storage facilities.
