OneWater Marine closes $110 million five-year senior credit facility

By Taylor Fox

Chicago, July 22 – OneWater Marine Inc. has closed on a new five-year $110 million senior credit facility, resulting in savings of over $6 million in fiscal year 2021, according to a news release.

The new credit facility consists of an $80 million term loan and a $30 million undrawn revolver and provides the company with a $50 million accordion feature to expand the facility in the future. It will also maintain more flexible covenants and terms.

Interest is equal to Libor plus 200 basis points to 300 bps, based on the net leverage ratio of the company, subject to a 0.75% Libor floor. At closing, the initial rate on the facility will be 3%.

The credit facility replaces the former $100 million facility with Goldman Sachs Specialty Lending, which included a $10 million undrawn revolver.

OneWater Marine will use excess cash to make a paydown of the principal amount in conjunction with the refinancing.

Truist Bank acted as the administrative agent, collateral agent, swingline lender and issuing bank.

SunTrust Robinson Humphrey, Inc. and Synovus Bank are joint lead arrangers and joint bookrunners.

OneWater Marine is a recreational boat retailer based in Buford, Ga.

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