MarineMax expands facility to $500 million, extends maturity

By Sara Rosenberg

New York, June 20 - MarineMax Inc. increased the size of its asset-based credit facility to $500 million and extended the maturity to a five-year term loan with two additional one-year renewal options, according to a company news release.

By comparison, the previous $385 million facility had a three-year term.

The lending group is comprised of Bank of America, KeyBank, General Electric Commercial Distribution Finance Corp., Wachovia Bank, Wells Fargo Bank, National City Bank, U.S. Bank and Branch Banking and Trust Co.

"The expansion of the amount and the extension of the term of our credit facility is a natural progression in our strategy to support additional growth, thereby enabling us to focus on our core business while capturing new opportunities as they arise. With this facility, we also expanded our lending group from four institutions to eight, allowing for further future expansion," said Michael H. McLamb, executive vice president and chief financial officer, in the release.

MarineMax is a Clearwater, Fla.-based recreational boat retailer.

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